The dirham strengthens against the dollar

The dirham appreciated 0.59% against the US dollar and depreciated 0.22% against the euro, during the period from 12 to 17 November 2020, 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 November 13, 2020, the stock of official reserve assets stood at MAD 291.4 billion (billion dirhams), down 0.4% from one week to the next, and up 22. 6% year-on-year.

From November 12 to 18, 2020, the Central Bank injected a total of MAD 105 billion, of which MAD 41.3 billion in the form of 7-day advances on call for tenders, MAD 26.5 billion in the form of repo transactions, 31.9 billion dirhams within the framework of the financing support programs of the TPME and 5.3 billion dirhams for foreign exchange swap operations.

On the interbank market, the average daily volume of trade, during the period from 12 to 17 November, stood at 5.3 billion dirhams and the interbank rate during this period was 1.5% on average. , notes the same source noting that during the call for tenders of November 19 (value date November 19), BAM injected an amount of MAD 40.5 billion in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.4%, reducing its underperformance since the start of the year to 11.9%. This change is mainly due to increases in the sector indices for “buildings and construction materials” by 2.1%, “banks” by 1.8% and “telecommunications” by 1.6%.

Conversely, the indices relating to “real estate investment companies” and to “portfolio and holding companies” fell by 2.5% and 1.6% respectively, notes BAM.

As for the overall volume of trade, it amounted to 324.5 million dirhams (MDH) against 495.4 MDH a week earlier, BAM reported, adding that the average daily volume on the central stock market has increased. reached 81.1 MDH after 99.9 MDH a week earlier.

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