Moroccan Net International Reserves Down 12.4% Year on Year

Rabat – Morocco’s net international reserves amounted to MAD 213 billion on August 18, 2017, down 12.4 percent from the same period a year earlier, according to Bank Al-Maghrib (BAM).

From one week to the next, these reserves increased by 1.5 percent, specifies BAM, which has just published the weekly indicators of the week from August 17 to 23.

During this period, Bank Al-Maghrib injected MAD 64 billion in 7-day advances through a call for tenders and granted MAD 4.5 billion to the support program for the financing of the SMEs, the Moroccan central bank said.

On the interbank market, the weighted average rate was 2.31 percent, while the volume of trade returned from MAD 3.5 billion to 2.9 billion, BAM said.

Bank Al-Maghrib injected an amount of MAD 67 million in the call for tenders for 7-day advances on August 23 (value date of August 24), notes the bank.

On the stock market, the MASI declined slightly by 0.3 percent, bringing its performance to 4.7 percent since the beginning of the year, the bank said, noting that this evolution is due to declines in the sectoral agri-food indices by 1.8 percent and the banking sector by 1.7 percent, while the real estate and telecommunications sectors rose by 0.5 percent and 0.4 percent, respectively.

The overall volume of trade amounted to MAD 425.9 million after registering 597.9 million a week earlier. In the central market, the average volume of transactions increased from MAD 149.5 million last week to MAD 106.5 million.

The growth rate of the M3 aggregate, recorded a 1.6 percent increase in June 2017 to reach MAD 1.2 trillion, mainly due to the 3.7 percent increase in bank credit and 6.9 percent of net claims by public institutions.

During the week from August 17 to 23, 2017, the dirham depreciated by 0.29 percent against the euro and appreciated by 0.48 percent against the dollar, according to BAM .

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Source
Morocco – Morocco World News




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