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Foreign exchange: The dirham appreciates against the euro and depreciates against the dollar

Bank Al-Maghrib (BAM) indicated that during the period from October 12 to 18, the dirham appreciated by 0.13% against the euro and depreciated by 0.33% against the American dollar.

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In its recent weekly bulletin, BAM specifies that during this period, no auction operations were carried out on the foreign exchange market.

As of October 13, 2023, official reserve assets (AOR) stood at 352.9 billion dirhams (billion dirhams), down 0.4% from one week to the next and up 4.2%. year-on-year, reports the same source.

Bank Al-Maghrib's interventions were established, on a daily average, at 108 billion dirhams, distributed between 7-day advances for an amount of 42.2 billion dirhams and long-term repos and guaranteed loans for respective outstanding amounts of39.8 billion dirhams and 26 billion dirhams.

On the interbank market, the average daily volume of trade stood at MAD 3.2 billion and the interbank rate stood at 3% on average.During the call for tenders on October 18 (value date October 19), the Central Bank injected an amount of MAD 42.2 billion in the form of 7-day advances.

On the stock market, the MASI decreased by 0.2% from October 12 to 18, bringing its performance since the start of the year to 14.3%.This weekly development mainly reflects the declines in the indices of the mining sectors by 6.8%, real estate investment companies by 2.1% and banks by 1%.Conversely, the agri-food and buildings and construction materials indices increased by 2.6% and 5.1% respectively.As for the overall volume of trade, it stood at 1 billion dirhams compared to 1.4 billion dirhams a week earlier.On the central equity market, the average daily volume amounted to 184 million dirhams (MDH) after 272.9 MDH.

source : Hespress.


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