Moroccan Dirham Holds Steady Against Euro, Gains on US Dollar

During this period, no adjudication operation was carried out on the foreign exchange market, BAM said, while specifying that as of December 4, 2020, the outstanding official reserve assets stood at 291.3 billion dirhams (MMDH), down 0.1% from the previous week, and up 16.7% year-on-year.

BAM reports that an amount of 47.5 billion dirhams was injected in the form of 7-day advances on call for tenders and 23.9 MMDH in the form of repurchase agreements during the same period. Similarly, 33.6 MMDH and 7.4 MMDH were injected respectively under the SME financing support program and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 5.7 billion. As for the interbank rate, it averaged 1.5%. At the call for tenders on December 9 (value date December 10), the central bank injected an amount of 39.6 billion dirhams in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.1%, bringing its underperformance since the beginning of the year to 8.9%. This development is explained by the increases in the sectoral indices of "banks" by 1.4%, "building and construction materials" by 1.7% and "insurance" by 4.9%. Conversely, the indices of "mines" and "beverages" fell by 2.3% and 1.6% respectively.

As for the overall trading volume, it amounted to 423.2 million dirhams (MDH), after 384.9 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 82.7 MDH against 76.9 MDH last week.