Moroccan Dirham Gains Against Euro, Slips Versus Dollar in Late June

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of June 25, 2021, the outstanding official reserve assets stood at 300.9 billion dirhams (MMDH) , almost stagnant from one week to the next and up 3.6% year-on-year.

BAM reports that an amount of 80 MMDH was injected, including 28.1 MMDH in the form of 7-day advances on call for tenders and 23.4 MMDH in the form of repurchase agreements, during the same period. Similarly, 28.2 MMDH were injected as part of the support programs for MSME financing.

On the interbank market, the average daily trading volume stood at 8.2 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on June 30 (value date July 1), the central bank injected 36.4 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.8%, thus bringing its underperformance since the beginning of the year to 9.9%. This development is explained by the declines in the sectoral indices of "agri-food" by 1.3%, "telecommunications" by 0.9% and "Banks" by 0.7%. Conversely, the indices of the "Building and construction materials" and "Mining" sectors increased by 0.4% and 1.4% respectively.

As for the overall trading volume, it reached 5.6 MMDH after 1.1 MMDH the previous week. As for the average daily volume on the central equity market, it stood at 819.5 MDH against 194.6 MDH the previous week.