Moroccan Dirham Falls Against Euro and Dollar as Foreign 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 August 26, 2022, the outstanding official reserve assets stood at 338.4 billion dirhams (MMDH), up 1.4% from the previous week and 8.3% year-on-year.

The central bank reports that an amount of 100.8 MMDH was injected, including 36.4 MMDH in the form of 7-day advances on call for tenders and 39.8 MMDH in the form of repurchase agreements, during the same period. Similarly, 24.6 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 2.4 MMDH. As for the interbank rate, it averaged 1.5%. At the August 31 call for tenders (value date September 1), the central bank injected 38.9 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.5%, bringing its underperformance since the beginning of the year to 9.2%. This development is explained by the declines in the sectoral indices of "insurance" by 3.2%, "building and construction materials" by 2.1% and "banks" by 0.4%. On the other hand, those of the pharmaceutical and mining sectors increased by 3.9% and 2.2% respectively.

As for the overall trading volume, it amounted to 227.4 MDH after 233.7 MDH the previous week. As for the average daily volume on the central equity market, it stood at 45.4 MDH against 46.7 MDH the previous week.