Moroccan Dirham Holds Steady Against Euro, Gains on Dollar in Early August

In a note on its weekly indicators, BAM indicates that no auction operation was carried out on the foreign exchange market. The same note points out that, on August 2, the net international reserves stood at 231.8 billion dirhams (MMDH), up 0.4% from the previous week and 2.9% year-on-year.

The central bank does not fail to specify that it injected, during the same period, an amount of 87.9 billion, in the form of call money advances, in terms of interventions on the money market. With regard to these interventions, the cost amounts to 90.3 billion dirhams, taking into account the amount of the SME Financing Support Program and the advances. During this period, the same note notes that the interbank rate stood at 2.30% and the trading volume at 3 MMDH. In this regard, during the call for tenders on August 7 (value date August 8), Bank Al-Maghrib also injected an amount of 88.1 MMDH, in the form of 7-day advances.

It should be noted that the MASI depreciated during this period by 0.6%, bringing its performance since the beginning of the year to 1.6% on the financial market. In terms of the overall trading volume, there was an increase of 2.3 MMDH, of which 1.9 MMDH in the form of securities contributions. In addition, the average daily trading amount was 85.7 million, compared to 118.4 million the previous week, on the central stock market.