Foreign Exchange Market: The Dirham Almost Stable against the Euro

The dirham remained almost stable against the euro and rose by 0.40% against the dollar during the period from April 9 to 15, according to Bank Al-Maghrib (BAM).

During this period, no auction operations were carried out on the foreign exchange market, BAM said in its latest weekly indicators report, adding that as of April 10, net international reserves stood at MAD 286.3 billion (MMDH), up 12.2% from one week to the other, mainly due to the drawdown on LPL, while year-on-year, it increased by 26.7%.

Bank Al-Maghrib injected, during the same week, a total amount of MAD 86.7 million, including MAD 20 million (1.96 million USD) in the form of 7-day advances on tenders, MAD 58.6 million (5.75 million USD) in the form of repurchase agreements, MAD 2 million within the framework of the TPME financing support program and MAD 6.1 million (647K USD) under foreign exchange swap operations, the report notes.

During this period, the inter-bank rate averaged 2.01% and the daily volume of exchanges reached MAD 4.6 billion (451.4 million USD), the report states, adding that the Central Bank injected an amount of MAD 20 million (1.9 million USD) in the form of 7-day advances during the call for tenders of April 15 (value date April 16).

On the stock market, the Masi increased by 0.13%, thus bringing its under-performance since the beginning of the year to 24.45%, according to the same source, noting that the weekly evolution of the reference index notably covers decreases in the sectoral indices of “banks” by 0.58% and “food processing” by 1.23% and increases in those of “buildings and construction materials” and “transport services” by 2.44% and 2.95%, respectively.

As for the overall volume of trade, it stood at MAD 413.34 million (40.5 million USD) against MAD 526.46 million (51.6 million USD) a week earlier. On the central equity market, the average daily volume reached MAD 71.11 million (6.9 million USD), compared to MAD 105.29 million (105.29 million USD) a week earlier.

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