Moroccan Dirham Gains Ground Against Euro and Dollar, Reserves at 340.8 Billion

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of September 9, 2022, the outstanding official reserve assets stood at 340.8 billion dirhams (MMDH), down 0.6% from the previous week and up 9.3% year-on-year.

The central bank reports that an amount of 101.7 MMDH was injected, including 37.3 MMDH in the form of 7-day advances on call for tenders and 39.8 MMDH in the form of repurchase agreements, and 24.6 MMDH in the amount of long-term guaranteed loans, during the same period.

In the interbank market, the average daily trading volume stood at 2.7 MMDH. As for the interbank rate, it averaged 1.5%. At the September 21 call for tenders (value date September 22), the central bank injected 39.1 MMDH in the form of 7-day advances.

On the stock market, the MASI gained 0.7%, bringing its year-to-date underperformance to 8.4%. This development is mainly explained by the increases in the insurance, electricity and building and construction materials sector indices of 7.1%, 4.4% and 0.9% respectively. However, those of the transport, real estate and transport services sectors decreased by 8.5%, 2.3% and 0.4% respectively.

As for the overall trading volume, it amounted to 2.4 MMDH after 419.2 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 68.3 MDH against 83.4 MDH the previous week.