Moroccan Dirham Holds Steady Against Euro and Dollar, Official Reserves at 312.4 Billion

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of September 3, 2021, the outstanding official reserve assets stood at 312.4 billion dirhams (MMDH), almost stagnant from one week to the next and up 5.3% year-on-year.

BAM reports that an amount of 94.4 MMDH was injected, including 35.9 MMDH in the form of 7-day advances on call for tenders and 30.9 MMDH in the form of repurchase agreements, during the same period. Similarly, 26.7 MMDH and 1 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 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on September 8 (value date September 9), the central bank injected 31.7 MMDH in the form of 7-day advances.

On the stock market, the MASI gained 0.3%, bringing its performance since the beginning of the year to 12.9%. This development is explained by the increases in the indices of the "Real Estate" sector by 6.4%, insurance by 1.6% and banks by 0.5%. Conversely, the indices of the "Oil and Gas" and agri-food sectors fell by 1.9% and 1.2% respectively.

As for the overall trading volume, it amounted to 498.7 million dirhams (MDH), after 1.4 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 93 MDH against 111.6 MDH the previous week.