BAM: The dirham appreciates against the euro

Bank Al-Maghrib (BAM), indicated that during the period from 03 to 09 September 2020, the dirham appreciated by 0.67% against the euro and 0.21% against -vis of the dollar.

In its latest bulletin of weekly indicators, the Central Bank indicated that during this period, no auction operations were carried out on the foreign exchange market.

As of September 4, 2020, official reserve assets stood at MAD 296.9 billion, up 0.3 percent week-on-week and 25.5 percent year-on-year. The bulletin also indicates that the central bank injected, between September 3 and 9, an amount of 24.5 billion dirhams in the form of 7-day advances on tender. Taking into account injections of 41.8 billion in the form of repurchase agreements, 33.9 billion under the financing support program of the TPME and 5.9 billion dirhams under swap operations of exchange rate, the overall outstanding amount of Bank Al-Maghrib interventions comes to 106.2 billion dirhams.

On the interbank market, the average daily trade volume stood at 4.7 billion and the interbank rate over the period averaged 1.5%, according to the same source, which notes that during the period of the call for tenders of September 9 (value date September 10), Bank Al-Maghrib injected an amount of 24.3 billion dirhams in the form of 7-day advances.

On the stock market, the MASI fell 0.7%, bringing its poor performance since the start of the year to 16.1%, the same source said.

This change essentially reflects the drops in the sector indices for “buildings and construction materials” by 0.9%, “telecommunications” by 0.8% and “banks” by 0.5%. In contrast, the indices of the “insurance” and “distributors” sectors rose by 0.9% and 0.3% respectively.

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As for the overall volume of trade, it amounted to 263.5 million dirhams after 445.6 million a week earlier. On the central equity market, the average daily volume stood at 42.4 million dirhams against 66 million a week earlier.

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