Moroccan Dirham Holds Steady Against Euro, Slips 0.10% vs Dollar

Between October 28 and November 3, Bank Al-Maghrib (BAM) injected an amount of 38.4 billion dirhams in the form of 7-day advances on call for tenders, it indicates in its bulletin on weekly indicators, noting that no offer was recorded in the context of the foreign exchange auctions organized by the Central Bank.

The overall outstanding amount of BAM’s interventions stands at 88.1 billion dirhams over the period, taking into account 25.1 billion in the form of repurchase agreements and 24.6 billion under the SME financing support programs.

To read: Moroccan Dirham Holds Steady Against Euro, Gains on US Dollar

On the interbank market, the average daily trading volume stood at 2.4 billion dirhams and the interbank rate at an average of 1.50%, the bulletin specifies, adding that on the stock market, the MASI appreciated by 0.2%, i.e. a performance of 20.02% compared to the beginning of the year. The average daily volume on the central equity market reached 261.8 million dirhams against 227 million dirhams last week, it is also reported.

The increases in the indices of the "oil and gas" sector of 4.1%, electricity of 3.8% and "buildings and construction materials" of 0.7% justify this performance, BAM points out, however noting a decline in the indices of the banking sector and mines of 0.5% and 1.5%. As of October 29, 2021, the outstanding amount of Official Reserve Assets (AOR) stood at 323 billion dirhams (MMDH), down 0.2% week-on-week and up 10.3% year-on-year.