BAM’s weekly indicators in 9 key points

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Saturday, August 1, 2020 at 5:15 PM
Rabat – Here are the nine key points of the weekly indicators of Bank Al-Maghrib (BAM) for the period from 23 to 29 July 2020:

1. Foreign exchange market and official reserve assets:

• The dirham depreciated 0.41% against the euro and appreciated 1.02% against the dollar.

• No auction operations were carried out on the foreign exchange market.

• As of July 24, 2020, official reserve assets stood at MAD 293 billion (billion dirhams), down 0.6% week-on-week and up 25.2% year-on-year
2. Money market:

• Bank Al-Maghrib injected a total of MAD 118.9 billion.

• On the interbank market, the daily volume of exchanges stood at 5.4 billion dirhams and the interbank rate during the period stood at 1.5% on average.

• During the call for tenders on July 29 (value date July 30), Bank Al-Maghrib injected an amount of MAD 38.1 billion in the form of 7-day advances
3. Auction market:

• During the auction on July 28, 2020, the Treasury withheld 500 million dirhams (MDH) out of a proposed amount of 1.8 billion dirhams. Subscriptions amounted to MAD 100 million on 26-week maturities at the rate of 1.6% and MAD 400 million on those of 2 years at the rate of 1.83%.

• In the absence of repayments during the period from July 30 to August 5, 2020, the outstanding amount of Treasury bills should stand on August 5 at MAD 585.3 billion, up 5.9% compared to the end of 2019.
4. Inflation:

• In June, the consumer price index recorded a further monthly decline of 0.3%, mainly driven by a 3.5% drop in the prices of food products at volatile prices, which affected all food products. this category with the exception of citrus fruits.
5. Interest rate:

• In June, interest rates on term deposits increased by 5 basis points to 2.67% for those with 6 months and by 2 points to 3.05% for those with one year.
6. Stock market indicators:

• During the period from 23 to 29 July, the MASI recorded an increase of 0.1%, bringing its poor performance since the start of the year to 16%.

• The overall volume of trade rose to 429.4 MDH after 272.5 MDH a week earlier. On the central equity market, the average daily volume reached 85.7 MDH against 46.8 MDH a week earlier.
7. Money and credit aggregates:

• On a monthly basis, the M3 aggregate recorded, in June, an increase of 1.8% to 1,434.6 billion dirhams. Year-on-year, the growth rate of M3 accelerated to 7.5% from 7.1% a month earlier.

• The increase in bank lending reflects the 0.7% increase in liquidity facilities and 0.6% in real estate loans. Equipment and consumer loans, on the other hand, showed declines of 2.1% and 0.8% respectively.

8. Public finances:

• The budget execution for the first half of 2020 resulted in a deficit excluding privatization of MAD 29.1 billion, against MAD 21 billion a year earlier, taking into account the positive balance of MAD 15.3 billion in the allocation account. special covid-19 Fund.
9. External accounts:

• Provisional foreign trade data at the end of May indicate a significant decline in both imports and exports.

• In this context, the trade deficit decreased, compared to the same period of 2019, from 10.1 billion dirhams to 73.7 billion dirhams and the coverage rate thus fell from 60.1% to 57.8%.

• The outstanding official reserve assets reached MAD 289.1 billion at the end of May 2020, thus representing the equivalent of 6 months and 20 days of imports of goods and services.

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