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Foreign exchange market: the Dirham depreciates by 0.77% against the euro


The Dirham depreciated by 0.77% against the euro and by 0.89% against the US dollar during the period from 07 to 13 December, according to Bank Al-Maghrib (BAM).


During this period, no auction operations were carried out on the foreign exchange market, reports BAM in its weekly bulletin. As of December 8, 2023, official reserve assets stood at 357.6 billion dirhams (MMDH), up 0.8% from one week to the next and by 8.2% year-on-year, the same source said.



On average, BAM's interventions amounted to 122 billion dirhams per day, divided between 7-day advances amounting to 52.1 billion dirhams and long-term pensions and guaranteed loans for outstanding amounts of 41.6 billion dirhams and 28.3 billion dirhams respectively. On the interbank market, the average daily trade volume was 2.3 billion dirhams and the interbank rate averaged 3%. During the call for tenders on 13 December (value date 14 December), the Bank injected an amount of 46.7 billion dirhams in the form of 7-day advances.


As for the stock market, the MASI appreciated by 3%, bringing its performance since the beginning of the year to 13%. This weekly evolution mainly reflects increases in the banking sector indices by 2.2%, in “buildings and construction materials” by 4.7%, and in electricity by 6.9%. Conversely, those relating to the retail and “forestry and paper” sectors fell by 0.9% and 1.2% respectively. As for the weekly trading volume, it was 1.4 billion dirhams compared to 6.8 billion dirhams (MDH) a week earlier, including 898 million dirhams (MDH) on the central stock market and 463 billion dirhams (MDH) on the block market.


Source: Hespress.

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