Bank Al Maghrib (BAM), announced that during the week of May 30 to June 5, 2024, the dirham remained almost stable against the euro and appreciated slightly by 0.25% against of the American dollar.
in its weekly bulletin, BAM clarified that during this period, no auction operations were carried out on the foreign exchange market.
As of May 31, 2024, official reserve assets stood at 370.7 billion dirhams (billion dirhams), up 0.2% from one week to the next and 4.9% year-on-year.
BAM’s interventions stood, on a daily average, at 121.8 billion dirhams. They are distributed between 7-day advances for an amount of MAD 37.4 billion, as well as long-term repos and guaranteed loans for respective amounts of MAD 51.2 billion and MAD 33.2 billion.
On the interbank market, the average daily trading volume stood at MAD 2.3 billion and the interbank rate stood at 3% on average.
During the call for tenders on June 5 (value date June 6), the Bank injected an amount of MAD 42.6 billion in the form of 7-day advances.
Concerning the stock market, the MASI depreciated by 2.2%, bringing its performance since the start of the year to 7.9%.
This weekly development reflects the declines in the mining sector indices of 7.4%, “buildings and construction materials” of 5.7% and banks of 1.2%.
On the other hand, those of “Leisure and hotels” and “Holding companies and holding companies” increased by 2.1% and 0.6% respectively.
As for the weekly trading volume, it increased from 894.7 million dirhams (MDH) to 990 MDH, achieved mainly at the level of the central stock market.
