Moroccan Dirham Gains Against Euro, Official Reserves Rise to 308.5 Billion

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 26, 2021, the outstanding official reserve assets stood at 308.5 billion dirhams (MMDH), up 0.1% from the previous week and 24.7% year-on-year.

BAM reports that an amount of 75.8 MMDH was injected, including 30.6 MMDH in the form of 7-day advances on call for tenders and 15.9 MMDH in the form of repurchase agreements, during the same period. Similarly, 27.7 MMDH and 1.6 MMDH were injected respectively under the MSME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 4.2 MMDH. As for the interbank rate, it stood at an average of 1.5%. During the call for tenders on March 3 (value date March 4), the central bank injected 28.2 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.5%, thus bringing its underperformance since the beginning of the year to 0.5%. This development is explained by the increases in the indices of the "banks" sector by 0.2%, the "telecommunications" sector by 1.6% and the transport companies by 3.4%. Conversely, the indices of the mining and electricity sectors fell by 1.7% and 1.6% respectively.

As of March 5, the US dollar was worth 9.007 dirhams, while the euro was traded at 10.743 dirhams.