Moroccan Dirham Gains 0.5% Against Euro, Official Reserves Stable at 304 Billion

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of April 30, 2021, the outstanding official reserve assets remained almost stable from one week to the next at 304 billion dirhams (MMDH), up 6.1% year-on-year.

BAM reports that an amount of 74.7 MMDH was injected, including 30.6 MMDH in the form of 7-day advances on call for tenders and 15 MMDH in the form of repurchase agreements, during the same period. Similarly, 29.1 MMDH were injected as part of the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.8 MMDH. As for the interbank rate, it stood at an average of 1.5%. During the call for tenders on May 5 (value date May 6), the central bank injected 32.6 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.5%, thus bringing its underperformance since the beginning of the year to 5.9%. This development is explained by the increases in the indices of the "banks" sector by 1.8% and the "telecommunications" sector by 1.7%. Conversely, the indices of the "hardware, software and computer services" and "electricity" sectors fell by 0.7% and 0.5% respectively.

As for the overall trading volume, it amounted to 1.3 MMDH after 537.1 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 262.3 MDH against 107.3 MDH the previous week.