Morocco - The hard currency balance: 355.3 billion dirhams

  • 19 September 2023 / News / 347 / Hejer

Morocco - The hard currency balance: 355.3 billion dirhams
The Bank of Morocco reported that the dirham exchange rate rose by 0.16 percent against the US dollar, and by 0.27 percent against the euro, during the period from 7 to 13 September.

The Central Bank explained, in its weekly bulletin, that no tender process was conducted in the exchange market during this period.

He pointed out that on September 8, 2023, official reserve assets amounted to 355.3 billion dirhams, a decrease of 1 percent from one week to the next, and an increase of 3.6 percent on an annual basis.

Bank Al-Maghrib added that, during the same period, it pumped a total of 34.2 billion dirhams in the form of advances for a period of 7 days based on requests for offers.

Taking into account the amount of 41.3 billion dirhams in the form of long-term repurchase operations and 24.5 billion dirhams of long-term secured loans, the total interventions amounted to 100 billion dirhams.

At the interbank market level, the average daily trading volume reached 3 billion dirhams, while the interbank rate reached 3 percent on average.

During the call for offers on September 13th (due date September 14th), the Bank of Morocco pumped an amount of 38.1 billion dirhams in the form of advances for a period of 7 days.

Regarding the stock market, the MASI index declined slightly, by 0.1 percent, bringing its performance since the beginning of this year to 9.5 percent.

This weekly development mainly reflects a decline in the indices of the “beverages” sectors by 3.2 percent, the “electricity” sectors by 2.1 percent, and the “banks” sectors by 1.2 percent.

On the other hand, indicators related to the “construction and building materials” and “real estate recruitment companies” sectors recorded an increase of 3 percent and 0.9 percent, respectively.

Regarding the total volume of exchanges, it amounted to 1.1 billion dirhams, compared to 712.5 million dirhams during the previous week.

As for the central stock market, the average daily volume of trades reached 138.1 million dirhams, compared to 131.5 million dirhams a week ago.


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