the dirham almost stable against the euro

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The dirham remained almost stable against the euro and appreciated by 0.76% against the dollar, during the period from July 02 to 08, indicates 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 03 July 2020, the official reserve assets stood at 291 , 1 billion dirhams, up 0.1% from one week to another and 23.3% year-on-year.

Bank Al-Maghrib has injected an amount of 37.1 billion dirhams 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, 28.9 billion in the framework of the program to support the financing of the TPME and 3 billion dirhams for exchange swap transactions, the total outstanding of interventions comes to 103.5 billion dirhams.

In the interbank market, daily trading volume stood at 5.4 billion and the interbank rate stood at an average of 1.5% during the period, notes BAM, adding that when called of offers of July 8 (value date July 9), Bank Al-Maghrib injected an amount of 40 billion dirhams in the form of advances to 7 days.

On the stock market, the MASI decreased by 0.4%, bringing its underperformance since the beginning of the year to 16.4%, specifies the bulletin, noting that this evolution reflects in particular the fall of the sectoral indices of ” telecommunications ”by 2.1%,“ banks and the food industry ”by 0.5% each. Conversely, the sectoral indices for “buildings and construction materials” and “oil and gas” increased by 2.6% and 1.2% respectively.

In terms of trade volume, it stood at 221.8 million dirhams against 1.8 billion a week earlier. On the central equity market, the average daily volume reached 173.3 million after 554.7 million dirhams.

SL (with MAP)

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