Moroccan Dirham Slips Against Euro, Holds Steady vs Dollar

During this period, no offer was recorded in the context of foreign exchange auctions, Bank Al-Maghrib (BAM) indicates, while specifying that as of December 17, 2021, the outstanding official reserve assets stood at 330.5 billion dirhams (MMDH), up 0.2% from the previous week and 5.2% year-on-year, the same source said.

BAM reports that an amount of 83.3 MMDH was injected, including 35.4 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, 25 MMDH and 100 million dirhams (MDH) were injected respectively under the TPME financing support program and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 2.4 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on December 22 (value date December 23), the central bank injected 32.3 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.5%, bringing its underperformance since the beginning of the year to 17%. This development is explained by the declines in the "Telecommunications" sector index of 2.9% and the "Real Estate Investment Companies" sector of 1.2%. Conversely, the indices of the "Building and Construction Materials" and "Agri-Food" sectors increased by 1% and 0.6% respectively.

As for the overall trading volume, it amounted to 7.3 MMDH after 986.2 MDH the previous week, due to block market transactions of 5.7 MMDH and the IPO of TGCC shares for 600 MDH. Regarding the average daily volume on the central equity market, it stood at 176.6 against 163.9 MDH the previous week.