Change: The dirham appreciates by 0.51% against the euro

Bank Al-Maghrib (BAM) said that during the period from January 07 to 13, the dirham appreciated by 0.51% against the euro and depreciated by 0.80% against against the US dollar.

In its latest bulletin of weekly indicators, BAM indicates that on January 8, 2021, the stock of official reserve assets (AOR) showed, from one week to another, a decrease of 3.8% for its establish at MAD 308.8 billion billion dirhams.

This change is mainly linked to the early repayment of part of the drawing on the precautionary and liquidity line (LPL) in the amount of 651 million SDRs (Special Drawing Rights), i.e. the equivalent of nearly 8, MAD 4 billion. Year-on-year, AORs grew 22.8%, adds the Central Bank.

From January 7 to 13, BAM injected a total of 81.1 billion dirhams, of which 36.5 billion dirhams in the form of 7-day advances on call for tenders, 15.3 billion dirhams in the form of repo transactions, 24 , 3 billion dirhams in the framework of the financing support programs of the TPME and 5 billion dirhams in respect of foreign exchange swap operations.

On the interbank market, the average daily volume of trade stood at MAD 5 billion and the interbank rate during this period was 1.5% on average, notes the same source, noting that during the call for tenders of January 13 (value date January 14), BAM injected an amount of MAD 32.8 billion in the form of 7-day advances.

On the stock market, the Masi appreciated by 0.4%, reducing its annual underperformance to 0.2%. This trend is due in particular to increases in the indices of the “buildings and construction materials” sectors by 1.1%, the “agrifood” sector by 0.9% and the “banks” sector by 0.6%. In contrast, the indices relating to the “oil and gas” and “transport services” sectors depreciated by 1.1% and 0.5%.

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As for the overall volume of trade, it stood at 262.7 million dirhams (MDH) against 2.8 billion dirhams a week earlier. On the central equity market, the average daily volume amounted to 65.5 MDH after 80.5 MDH a week earlier.

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