Bank of Morocco: The dirham stabilized against the euro over the past week
Heba Press
The Bank of Morocco reported that the dirham exchange rate remained almost stable against the euro and increased by 0.82% against the US dollar during the week of August 22-28, 2024.
The Bank of Morocco confirmed in a document relating to its weekly indicators that during this period no tender procedure was conducted on the foreign exchange market, explaining that official reserve assets amounted, on August 23, to 361.8 billion dirhams, recording a decrease of 0.5%. From one week to the next, and an increase of 1.8 percent on an annual basis.
According to the same source, the interventions of the Bank of Morocco, during the period from August 22 to 28, amounted to 146.8 billion dirhams on a daily average. It is divided between 7-day advances for an amount of 63.2 billion dirhams, long-term repo operations (49.4 billion dirhams) and guaranteed loans (34.3 billion dirhams).
At the interbank market level, the average daily trading volume reached 2.6 billion dirhams, and the interbank rate reached 2.75% on average. During the tender of August 28 (due August 29), the Central Bank injected an amount of 65 billion dirhams in the form of advances for a period of 7 days.
Regarding the stock market, the “MASI” index did not register any significant changes during the period from August 22 to 28, maintaining its performance since the beginning of this year at 15 percent.
This weekly development mainly reflects the change in indicators of the communications sectors by 4.2 percent and tools, software and information services by 6.8 percent, as well as a decrease in indicators of the buildings, building materials and interest rate banks sectors by 1.6 percent and 0.9 percent, respectively.
Regarding the weekly trading volume, it amounted to 721.4 million dirhams, against 277.1 million dirhams a week ago which took place mainly at the Central Stock Exchange.
