Bank Al-Maghrib: The dirham rises against the dollar

Bank Al-Maghrib reported that the dirham fell 1.73 percent against the euro and rose 1.89 percent against the dollar, during the period of November 10-16, 2022.

The bank informed, in its last weekly bulletin, that during this period no bidding process was carried out in the exchange market.

The same source said that official reserve assets amounted to 341.2 billion dirhams on November 11, up 0.4 percent from one week to the next and up 6.1 percent on a year-over-year basis.

He highlighted that Al-Maghrib Bank’s total interventions, during the same period, amounted to Dh104.8 billion, including Dh46.8 billion in the form of 7-day advances based on requests for offers, Dh31 billion in the form of buybacks, and AED26.9 billion in the form of long-term secured loans.

He noted that the average daily trading volume, at the interbank market level, amounted to Dh2.1 billion, while the interbank interest rate during this period averaged 2 percent, adding that Bank Al-Maghrib pumped, during the call for offers on the current November 16 (due date November 17), a total of 32.1 billion dirhams in the form of advances for a period of 7 days.

And it was recorded that in the stock market, the “MAZI” index fell 0.3 percent, bringing its negative performance since the beginning of this year to 20.5 percent.

He highlighted that this weekly evolution mainly reflects a decrease in the indices of the agri-food industry sectors by 3.4 percent, oil and gas by 2.2 percent, and distribution by 1.5 percent, while the indices of the telecommunications and banking sectors rose at rates of 1.3 percent. , respectively, percent and 0.4 percent.

As for the total volume of exchanges, it amounted to 699.1 million dirhams, compared to 361.6 million dirhams a week ago.