Moroccan Dirham Gains Against Euro, Official Reserves at 337.4 Billion

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) specifies, while noting that as of September 2, 2022, the outstanding official reserve assets stood at 337.4 billion dirhams (MMDH), a decrease of 0.3% from the previous week and an increase of 8% year-on-year.

The central bank reports that an amount of 103.3 MMDH was injected, including 38.9 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 2.3 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on September 7 (value date September 8), the central bank injected 36.2 MMDH in the form of 7-day advances.

On the stock market, the MASI slightly appreciated by 0.2%, thus bringing its underperformance since the beginning of the year to 9%. This development is mainly explained by the increases in the sectoral indices of agri-food by 4%, mining by 2.8% and "buildings and construction materials" by 0.7%. On the other hand, those of the telecommunications and "oil and gas" sectors decreased by 2.4% and 1.6% respectively.

As for the overall trading volume, it reached 714.2 MDH after 227.4 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 142.8 MDH against 45.4 MDH the previous week.