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Moroccan Dirham Rises by 0.16% Against US Dollar, Falls 0.26% to Euro

Rabat – According to figures issued by Morocco’s central bank Bank Al-Maghrib (BAM) on November 24, the Moroccan dirham gained 0.16% against the US dollar and fell by 0.26% against the euro over the period of November 16-22.

Based on the figures in BAM’s most recent weekly bulletin, no foreign exchange market auctions were held during this period

As of November 17, official reserve assets were valued at over MAD 354 billion ($35 billion), an increase of 0.1% week-on-week and 3.7% on a yearly basis.

The total amount of Bank Al-Maghrib’s daily average intervention was MAD 109.5 billion ($10.8 billion), which included loans guaranteed for outstanding sums totaling nearly MAD 28 billion ($2.7 billion), long-term repurchase agreements for MAD 42 billion ($4.1 billion), and seven-day advances worth MAD 40 billion ($4 billion).

On the interbank market, the average daily trading volume was MAD 2 billion ($198 million), with an average interbank rate of 3%.

At the November 22 tender, the central Bank contributed MAD over 44 billion ($4.4 billion) in the form of seven-day advances.

The Moroccan stock index increased by 0.9%, bringing its performance for the year to 11.9%. Meanwhile, the oil and gas index increased by 1.7%, the banking index by 1.1%, and the building and construction materials index by 1%.

The amount traded each week was MAD 2.5 billion ($248 million), down from MAD 477.3 million ($47.3 million) a week earlier.

Source : Morocco World News