Moroccan Dirham Holds Steady Against Euro and Dollar as Foreign Reserves Rise

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 15, 2022, the outstanding official reserve assets stood at 329.3 billion dirhams (MMDH), up 1% from the previous week and 8.3% year-on-year, the same source said.

BAM reports that an amount of 90.6 MMDH was injected, of which 48.2 MMDH in the form of 7-day advances on call for tenders and 21.7 MMDH through repurchase operations, during the same period. Similarly, 20.8 MMDH were injected as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 3.9 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on April 20 (value date April 21), the central bank injected 39.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.7%, thus bringing its underperformance since the beginning of the year to 2.2%. This development is explained by the increases in the indices of the "mining" sectors by 4.3%, "building and construction materials" by 0.9% and "banks" by 0.7%. Conversely, those of real estate and beverages decreased by 2.2% and 1.9% respectively.

As for the overall trading volume, it amounted to 474.9 million dirhams (MDH) after 830.4 MDH the previous week. As for the average daily volume on the central equity market, it stood at 93.4 MDH against 150.1 MDH the previous week.