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Moroccan Dirham Depreciates by 0.61% Against Euro

Moroccan Dirham Depreciates by 0.61% Against Euro

Monday, 16 May, 2022 - 10:30
The dirham has depreciated by 0.61% against the euro and 0.40% against the US dollar. Reuters

The dirham has depreciated by 0.61% against the euro and 0.40% against the US dollar during the period from May 5 to 11, Bank Al-Maghrib (BAM) revealed on Sunday.


During this period, no auctions were held in the foreign exchange market, BAM affirmed in its weekly bulletin.


It pointed out that as of May 6, official reserve assets stood at 328 .3 billion dirhams ($32.8 billion), down 0.3% week-on-week and up 8.3% year-on-year.


During the same period, BAM pumped a total of 89.3 billion dirhams ($8.9 billion), of which 46.8 billion dirhams ($4.6 billion) were given in the form of seven-day advances on tender, 21.2 billion dirhams ($2.1 billion) through repurchase operations, and 21.3 billion dirhams ($2.1 billion) in the form of financing support program of micro, small and medium-sized enterprises.


On the interbank market, the average daily volume of exchanges was set at 4.6 billion dirhams ($460 million) and the interbank rate was fixed at 1.50% on average.


During the May 11 tender (value date on May 12), BAM pumped 50.2 billion dirhams ($5 billion) in the form of seven-day advances.


On the stock market, Moroccan All Shares Index (MASI) recorded a decline of 3.8%, bringing its underperformance since early 2022 to 5.3%.


These figures come in light of recorded drops in “buildings and construction materials” sector indices by 4.8%, telecommunications by 4.2%, and banking services by 3.7%.


The overall trading volume amounted to 530.5 million dirhams ($53 million), up compared to 287.4 million dirhams ($28.7 million) recorded a week earlier.


On the central equities market, the average daily volume amounted to 99.9 million dirhams ($9.9 million), up compared to 95.8 million dirhams ($9.5 million) recorded previously.


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