Moroccan Dirham Holds Steady Against Euro and Dollar, Reserves Stable

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of September 10, 2021, the outstanding official reserve assets stood at 312.4 billion dirhams (MMDH), almost stagnant from one week to the next and up 5.5% year-on-year.

BAM reports that an amount of 90.2 MMDH was injected, including 31.7 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 support programs for MSME financing and foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 5.4 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the tender on September 15 (value date September 16), the central bank injected 36.6 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.2%, bringing its performance since the beginning of the year to 14.2%. This development is explained by the increases in the indices of the "buildings and construction materials" sectors by 2.5%, "banks" by 0.5% and "distributors" by 4.1%. Conversely, the indices of the real estate and portfolio companies/holdings sectors decreased by 1.9% and 4.3% respectively.

As for the overall trading volume, it amounted to 1.1 MMDH after 498.7 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 227.5 MDH compared to 93 MDH the previous week.