Written by 4:53 pm Economy

Moroccan Dirham depreciated by 0.29% against dollar from March 14 to 20

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The dirham depreciated by 0.29% against the US dollar, and appreciated by 0.48% against the euro between March 14 and 20, 2024, according to Bank Al-Maghrib (BAM).

During this period, no auctions were carried out on the foreign exchange market, BAM points out in its recent weekly bulletin.

At March 15, 2024, official reserve assets stood at 360.4 billion dirhams (MMDH), down 0.7% week-on-week and 0.9% year-on-year.

In addition, Bank Al-Maghrib’s daily average lending amounted to 127.9 MMDH. These were divided between 7-day advances amounting to 46.9 MMDH and long-term repurchase agreements and collateralized loans for outstandings of 52.9 MMDH and 28.1 MMDH respectively.

On the interbank market, the average daily trading volume was 1.7 MMDH and the interbank rate averaged 3%.

In the March 20 tender (value date March 21), the Bank injected 39.4 MMDH in the form of 7-day advances.

On the stock market, the MASI rose by 0.6%, bringing its year-to-date performance to 7.2%.

This weekly trend mainly reflects increases of 0.6% in the “buildings and construction materials” index, 4.6% in the “distributors” index and 8.4% in the “real estate” index.

On the other hand, indices for the agri-food and “IT hardware, software and services” sectors fell by 0.3% and 1% respectively.

Weekly trading volume rose from MAD 401.2 million to MAD 956.5 million, mainly on the central equities market.

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