Moroccan dirham drops against Euro and US Dollar, BAM

The Moroccan dirham dropped by 1.97% against the euro, and by 0.91% against the US dollar during the period from September 8 to 14, according to Bank Al-Maghrib (BAM).

During this period, no auction operations were carried out on the foreign exchange market, the central bank said in its recent weekly bulletin.

As of September 9, 2022, official reserve assets reached MAD 342.8 billion dirhams, up 1.6% week-on-week and 9.7% year-on-year, added BAM.

During the same period, the total outstanding amount of BAM’s interventions reached MAD 100.6 billion, including MAD 36.2 billion in the form of 7-day advances on call for tenders, MAD 39.8 billion in long-term repurchase agreements, and MAD 24.6 billion in long-term guaranteed loans.

On the interbank market, the average daily volume of exchanges was set at MAD 2.5 billion and the interbank rate was fixed during this period at 1.50% on average, added Morocco’s Central Bank.

During the tender of September 14 (value date September 15), the Bank injected an amount of MAD 37.3 billion in the form of 7-day advances.

On the stock market, the Masi recorded a slight drop of 0.1%, bringing its counter-performance since the beginning of the year to 9.1%.

The global volume of exchanges amounted to MAD 419.2 million, down compared to MAD 714.2 million recorded one week earlier.

On the central stock market, the average daily volume totaled MAD 83.4 million, after MAD 142.8 million recorded last week, according to the same source.