The dirham appreciates in opposition to the greenback and depreciates in opposition to the euro

Financial institution Al-Maghrib (BAM) revealed that the dirham appreciated 0.56% in opposition to the US greenback and depreciated 0.46% in opposition to the US greenback between January 12 and 18, 2023.

Within the newest weekly bulletin, BAM clarifies that no public sale operations had been carried out on the overseas change market throughout this era.

As of January 13, 2023, official reserve property stood at 329.8 billion dirhams (MMDH), down 1.2% year-on-year and up 0.5% year-on-year, in keeping with the Central Financial institution.

Throughout the identical week, the whole excellent quantity of BAM interventions was 93.2 billion dirhams, together with 47.8 billion dirhams in 7-day tender advances, 21.5 billion dirhams in excellent long-term repos and the quantity of long-term trades time period assured loans of 23.8 billion dirhams. It ought to be famous that on January 9 and 16, 2023, Financial institution Al-Maghrib organized two tenders for structural operations to buy treasury bonds on the secondary market.

The primary transaction recorded a complete request of just about 15 billion dirhams, which the Financial institution glad in full. The typical maturity of bought T-bills was 6.5 months at a median price of three.34%.

The second operation recorded a complete demand of 1.3 billion dirhams, totally glad by Financial institution Al-Maghrib and associated to bonds with a median maturity of just about 3 months at a median price of three.16%. On the interbank market, the typical each day buying and selling quantity was 5.5 billion dirhams, and the typical interbank price for this era was 2.50 %.

Through the tender on January 18 (valuation date January 19), the Financial institution invested an quantity of 43.6 billion dirhams within the type of 7-day advances. On the inventory market, Masi rose 3.9%, bringing its year-to-date low to three.2%.

This weekly development considerably displays the rise in indices within the building and constructing supplies sector by 13.7%, electrical energy by 11.7% and banks by 3%. Nevertheless, oil and gasoline and distributors decreased by 3.1% and 1.1%, respectively, the Central Financial institution provides.

The full turnover was 579.2 million dirhams (MDH) in opposition to 549.4 million dirhams per week earlier. Within the central inventory market, the typical each day quantity was 111.2 MDH, after 99.7 MDH final week.