Moroccan Dirham Strengthens Against Dollar, Stable vs Euro: Bank Al-Maghrib Report

November got off to a good start for the dirham. The foreign exchange market did not record any auction operations during this period, according to the Bank Al-Maghrib (BAM) note.

As for the net international reserves, they stood at 231.3 billion dirhams on November 1, almost stagnant from one week to the next and up 3.2% year-on-year.

Bank Al-Maghrib injected a total of 79.2 billion dirhams through its interventions, including 72.3 billion dirhams in the form of 7-day advances on call for tenders and 2.3 billion dirhams granted under the TPME financing support program, and an amount of 4.6 billion dirhams provided in the form of foreign exchange swaps.

The interbank rate stood at 2.27% and the trading volume at 2.9 billion dirhams, the same note specifies, adding that during the call for tenders on November 7 (value date November 7), Bank Al-Maghrib injected an amount of 68.3 billion dirhams in the form of 7-day advances.

As for the stock market, the MASI fell by 0.2% during this period. This brings its performance since the beginning of the year to 1.3%. On the other hand, the weekly change in the benchmark index shows declines in the indices of the "Banks" sectors of 0.9%, "Oil and Gas" of 0.6% and "Real Estate" of 1.2%.

However, the central bank noted that the overall trading volume reached 2.4 billion dirhams after 1.3 billion dirhams the previous week.

BAM also recalls that on the central stock market, trading reached 104.8 million dirhams (MDH) compared to 229.5 MDH the previous week, specifying that a capital increase of 1.9 billion was carried out by BMCE Bank for the benefit of the British development operations fund, CDC Group.