Moroccan Dirham Holds Steady Against Euro, Slips 0.49% vs Dollar in Mid-February

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, specifying that as of February 11, 2022, the outstanding official reserve assets stood at 329.5 billion dirhams (MMDH), almost unchanged from the previous week and up 5.3% year-on-year.

BAM reports that an amount of 72.7 MMDH was injected, including 30.4 MMDH in the form of 7-day advances on call for tenders and 22.7 MMDH in the form of repurchase agreements, during the same period. Similarly, 19.7 MMDH were injected as part of the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.7 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on February 16 (value date February 17), the central bank injected 30.1 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 1.4%, bringing its performance since the beginning of the year to 3%. This development is explained by the declines in the indices of the "banks" sector by 2.5%, the "oil and gas" sector by 1.9% and the "buildings and construction materials" sector by 1.6%. Conversely, those of the "agri-food" and "beverage" sectors increased by 0.1% and 0.9% respectively.

As for the overall trading volume, it amounted to 1.5 MMDH after 732.5 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 243.9 MDH against 139.2 MDH the previous week.