The dirham appreciates against the euro

The dirham appreciated 0.56% against the euro and depreciated 0.28% against the US dollar during the period from January 28 to February 03, 2021, according to Bank Al -Maghrib (BAM). During this period, no auction operations were carried out on the foreign exchange market, indicates BAM in its latest bulletin of weekly indicators. As of January 29, 2021, the outstanding official reserve assets stood at MAD 313.9 billion (billion dirhams), up 1.4% from one week to the next and 25.1% in year-over-year, MAP reports. The overall outstanding amount of BAM interventions comes to 72 billion dirhams (billion dirhams), of which 25.7 billion dirhams in the form of 7-day advances on call for tenders, 15.5 billion dirhams in the form of repo transactions, 26.7 billion dirhams within the framework of the financing support programs of the TPME and 4 billion dirhams for the exchange swap operations. On the interbank market, the average daily volume of trade stood at 5.2 billion dirhams and the interbank rate during this period was 1.5% on average, notes the same source, noting that during the tender of February 03 (value date February 04), Bank Al-Maghrib injected an amount of 27 billion dirhams in the form of 7-day advances. On the stock market, the Masi appreciated by 0.5%, bringing its annual performance to 4.1%. This change is mainly the result of increases in the indices of the “agro-food” sectors of 4%, “oil and gas” (3.1%) and “mining” (3.9%). On the other hand, the indices of the “telecommunications”, “buildings and construction materials” and “real estate” sectors showed respective decreases of 0.7%, 0.5% and 6.6%. As for the overall volume of trade, it stood at MAD 477.9 million (MDH) against MAD 708.4 million a week earlier. On the central equity market, the average daily volume amounted to MAD 95 million after MAD 134.8 million a week earlier.

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