BAM report: USD Gains as Moroccan Dirham Slides by 0.78%

Mouad Boudina
Mouad Boudina
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BAM has reported that the exchange rate of the Moroccan Dirham decreased by 0.78 percent against the US Dollar and by 0.48 percent against the Euro during the period from September 14th to 20th, of the current year.

The central bank, in its weekly bulletin, explained that no exchange market auctions were conducted during this period. It noted that as of September 15th, 2023, official reserve assets amounted to 357.2 billion Moroccan Dirhams, representing a 0.5 percent increase on a weekly basis and a 4.8 percent increase on an annual basis.

Furthermore, BAM mentioned that during the same period, they injected a total of 38.1 billion Moroccan Dirhams in the form of 7-day advances based on bids, taking into account 41.3 billion Dirhams in the form of long-term repurchase operations, and 24.5 billion Dirhams in secured long-term loans. The total interventions amounted to 103.9 billion Moroccan Dirhams.

Regarding interbank trading, the average daily trading volume among banks reached 2.7 billion Dirhams, with an average rate of 3 percent among banks. On September 20th (due date on September 21st), BAM injected 31.9 billion Dirhams in the form of 7-day advances.

As for the stock market, the “Masi” index increased by 0.3 percent, bringing its performance since the beginning of the current year to 9.8 percent. This weekly development primarily reflects the rise in the indices of the food industry by 1.4 percent, banks by 1.7 percent, and information technology devices, software, and services by 1.9 percent.

Mouad Boudina

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