The exchange rate of the dirham against the euro and the dollar falls

The exchange rate of the dirham against the euro and the dollar falls
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Sunday 21 August 2022 – 07:17

Bank Al-Maghrib reported that the dirham depreciated 0.90 percent against the euro and 1.57 percent against the US dollar, during the period from August 11 to 17.

The Central Bank indicated, in its last weekly bulletin, that during this period no bidding process was carried out in the foreign exchange market. While official reserve assets amounted to Dh336.9 billion on August 12, 2022, an increase of 1.7 percent week-on-week and 12.5 percent year-on-year.

During the same period, Bank Al-Maghrib pumped out a total of AED105.5bn, including AED39.7bn in the form of 7-day advances based on requests for proposals, AED38.6bn in the form of buybacks and AED27.1bn. dirhams in the form of a framework support program Financing of very small, small and medium-sized enterprises.

The Central Bank also reported that at the banking market level, the average daily trading volume amounted to AED3.7 billion, while the bank rate during this period was 1.5 percent on average.

Bank Al-Maghrib pumped out, during the August 17 call for proposals (due date August 18), an amount of Dh39.57 billion in the form of 7-day advances at 8.9 percent.

The same source added that this weekly development mainly reflects an increase in the “communications” sectors by 2.4 percent, “banks” by 1.6 percent and “construction and building materials” by 1.5 percent. percent. For their part, the “electricity” and “pharmaceutical industry” sectors decreased 1.3 percent each.

As for the total volume of exchanges, it amounted to 296.8 million dirhams, compared to 160.8 million dirhams a week ago. As for the central stock market, the average daily volume reached 49.3 million dirhams, after 32 million dirhams.

dirham Exchange Al-Maghrib Bank