Moroccan Dirham Fluctuates: Weakens Against Euro, Gains on US Dollar

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of February 18, 2022, the outstanding official reserve assets stood at 332.8 billion dirhams (MMDH), up 1% from the previous week and 8% year-on-year, the same source said.

BAM reports that an amount of 72.4 MMDH was injected, including 30.1 MMDH in the form of 7-day advances on call for tenders, 22.7 MMDH in the form of repurchase agreements, during the same period. Similarly, 19.7 MMDH were injected respectively under the SME financing support programs.

On the interbank market, the average daily trading volume stood at 4.6 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on February 23 (value date February 24), the central bank injected 33.1 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 1.8%, thus bringing its underperformance since the beginning of the year to 1.1%. This development is explained by the declines in the indices of the "buildings and construction materials" sectors of 3.8%, "agri-food" of 3.7% and "telecommunications" of 2.4%. Conversely, the indices of the "real estate" and "real estate investment companies" sectors increased by 8.1% and 1.8% respectively.

As for the overall trading volume, it amounted to 1 MMDH, after 1.5 MMDH the previous week. As for the average daily volume on the central equity market, it stood at 199.7 MDH against 243.9 MDH the previous week.