The Bank of Morocco reported that the exchange rate of the dirham rose against the euro by 0.44 percent, and by 0.69 percent against the US dollar, during the period from May 2 to May 8.
The Bank of Morocco explained, in its latest weekly bulletin, that during this period no tender process was conducted in the exchange market, highlighting that the official reserve assets amounted, on May 3, 2024, to 374 billion dirhams, that is, an increase of 4.2 percent from Week to week and 4.8 percent on an annual basis.
Bank Al-Maghrib’s interventions amounted, on a daily average, to 131.5 billion dirhams, distributed in the form of 7-day advances (47.1 billion dirhams), long-term repurchase operations (51.8 billion dirhams), and guaranteed loans (32.6 billion dirhams). dirham).
At the interbank market level, the average daily trading volume reached 1.9 billion dirhams, while the interbank rate reached 3 percent on average. During the request for offers on May 8 (due date May 9), the bank pumped an amount of 28.3 billion dirhams in the form of advances for a period of 7 days.
Regarding the stock market, the “MASI” index rose by 0.7 percent during the period from May 2 to May 8, 2024, bringing its performance since the beginning of this year to 11 percent. This weekly development mainly reflects an increase in the indices of the “banks,” “real estate recruitment companies,” and “electricity” sectors by 1.9 percent, 1.5 percent, and 10.8 percent, respectively.
On the other hand, the indicators of the “Real Estate Recovery” and “Construction and Building Materials” sectors recorded a decline of two percentages, respectively, reaching 4.9 percent and 0.5 percent.
Regarding the weekly volume of trades, it amounted to 926.7 million dirhams, compared to 1 billion dirhams a week ago, which was achieved mainly in the stock market.
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2024-05-13 05:01:19