Foreign exchange market: the dirham depreciates against the euro

Hibapress / Moroccan press

The dirham depreciated 0.14% against the euro and appreciated 0.40% against the dollar during the period from June 18 to 24, says Bank Al. -Maghrib (BAM).

During this period, no auction was carried out on the foreign exchange market, specifies BAM in its latest weekly indicators bulletin, adding that on June 19, the official reserve assets stood at 287, 9 billion dirhams (MMDH), down 0.4% from one week to the next and up 22.1% year-on-year.

Bank Al-Maghrib has injected an amount of 41.2 MMDH in the form of advances to 7 days on tender, notes the same source. Taking into account the injections of 34.6 billion in the form of repurchase transactions delivered, of 29.6 billion in the framework of the support program for the financing of the TPME and of 3 MMDH for the exchange swap operations, the total outstanding interventions amount to 108.3 MMDH.

In the interbank market, daily trading volume stood at 4.4 billion and the interbank rate was 1.5% on average over the period, notes BAM, adding that when called of offers of June 24 (value date June 25), Bank Al-Maghrib injected an amount of 38.2 MMDH in the form of advances to 7 days.

On the stock market, the MASI depreciated by 1.4%, thus bringing its underperformance since the beginning of the year to 15.4%, specifies the bulletin, noting that this weekly evolution reflects in particular the fall of the sector indices “banks” of 1.9%, “buildings and construction materials” of 1.6% and “telecommunications” of 1.2%. On the other hand, the indices for the “distributors” and “drinks” sectors increased by 1.9% and 1.8% respectively.

As for the volume of transactions, it reached 1.3 billion against 773.9 million dirhams (MDH) a week earlier. The average daily amount of exchanges carried out on the central equity market stood at 237.1 MDH after 153.1 million a week earlier.

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