Moroccan Dirham Drops Nearly 2% Against Euro, Official Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of September 9, 2022, the outstanding official reserve assets stood at 342.8 billion dirhams (MMDH), up 1.6% from the previous week and 9.7% year-on-year.

The central bank reports that an amount of 100.6 MMDH was injected, including 36.2 MMDH in the form of 7-day advances on a call for tenders and 39.8 MMDH in the form of repurchase agreements, and 24.6 MMDH in the amount of long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 2.5 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on September 14 (value date September 15), the central bank injected 37.3 MMDH in the form of 7-day advances.

On the stock market, the MASI slightly appreciated by 0.1%, thus bringing its underperformance since the beginning of the year to 9.1%. This development is mainly explained by the declines in the sectoral indices of electricity by 3%, mining by 2% and "buildings and construction materials" by 0.9%. On the other hand, those of the banking, agri-food and telecommunications sectors increased by 0.5%, 0.4% and 0.3% respectively.

As for the overall trading volume, it amounted to 419.2 MDH after 714.2 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 83.4 MDH against 142.8 MDH the previous week.