The dirham is strengthening against the dollar

The dirham appreciated 0.59% against the US dollar and depreciated 0.22% against the euro in the period from November 12 to 17, 2020, according to Bank Al-Maghrib (BAM).

No auctions were conducted on the foreign exchange market during this period, reports BAM in its latest weekly with indicators.

On November 13, 2020, the stock of official reserves stood at MAD 291.4 billion (billion dirhams), down 0.4% from week to week and up 22. 6% year-on-year.

From 12 to 18 November 2020, the Central Bank injected a total of MAD 105 billion, of which MAD 41.3 billion in the form of 7-day advances on tenders, MAD 26.5 billion in the form of repurchase agreements, DM 31.9 billion under the TPME’s funding support programs and DM 5.3 billion for currency swap operations.

In the interbank market, the average daily trading volume in the period from 12 to 17 November was 5.3 billion dirhams and the interbank interest rate averaged 1.5% during this period. , notes that the same source notes that during the November 19 tender (value date November 19), BAM injected MAD 40.5 billion in the form of 7-day advances.

In the stock market, the MASI is up 1.4%, reducing underperformance since the beginning of the year to 11.9%. This change is mainly due to increases in the sector indices for “buildings and construction materials” by 2.1%, “banks” by 1.8% and “telecommunications” by 1.6%.

Conversely, the indices related to “real estate investment companies” and “portfolio companies and holdings” fell by 2.5% and 1.6%, respectively, notes BAM.

Total trading volume was 324.5 million dirhams (MDH) against 495.4 MDH a week earlier, BAM reported, adding that the average daily volume in the central stock market has risen. reached 81.1 MDH after 99.9 MDH a week earlier.

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