Forex: Dirham rises against euro, falls against dollar

Soukaina Sghir
Soukaina Sghir
2 Min Read

Bank Al-Maghrib (BAM) reported that during the period from 27 October to 02 November 2022, the dirham appreciated by 0.59% against the euro and depreciated by 0.66% against the US dollar.

In its latest weekly, the central bank claimed that no bids were made in the foreign exchange market during this period.

As of October 28, 2022, official reserve assets stood at 339.7 billion dirhams (MMDH), up 0.6% week-on-week and 5.2% year-on-year, says BAM.

Knowing that; During the same period, BAM’s total outstanding operations amounted to 100.9 MMDH, of which 42.9 MMDH were in the form of 7-day advances on calls for tender, 31 MMDH in the form of long-term repurchase agreements and 26.9 MMDH in the form of long-term guaranteed loans.

the average daily volume of exchanges On the interbank market was 3.9 MMDH and the rate averaged 2% over this period, according to the same source, noting that during the call for tenders on 2 November (value date 3 November) The Bank injected 50 MMDH in the form of 7-day advances.

On the stock market, the MASI recorded a 1.1% increase, reducing its underperformance since the beginning of the year to 18.7%. This weekly development mainly reflects the assessments of the indices of the banking sectors of 3%, of the transport services at 2.9% and of the food industry at 1.2%. Conversely, those in the chemical and beverage sectors fell by 7.4% and 3.1% respectively.

The overall volume of trade was 5.1 MMDH compared to 396.5 million Dirhams (MDH) a week earlier. On the equity central market, the average daily volume was MDH 88.2 after MDH 54.5 and block market transactions totalled MDH 4.7.

Nour el Houda Bouzamour

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