Moroccan Dirham Strengthens Against Dollar, Weakens vs Euro in November

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of November 5, 2020, the outstanding official reserve assets remained almost stable from one week to the next, standing at 292.7 billion dirhams (MMDH), up 22.9% year-on-year.

BAM reports that an amount of 105.7 MMDH was injected, including 42 MMDH in the form of 7-day advances on call for tenders and 26.5 MMDH in the form of repurchase agreements, during the same period. Similarly, 31.9 MMDH and 5.3 MMDH were injected respectively under the TPME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 5.2 MMDH. As for the interbank rate, it averaged 1.5%. At the tender on November 11 (value date November 12), the central bank injected 41.3 MMDH in the form of 7-day advances.

On the stock market, the MASI is up 2.1%, thus bringing its underperformance since the beginning of the year to 13.1%. The appreciations of the sectoral indices of "banks" by 3.1%, "building and construction materials" by 4.1% and "transport services" by 3.4% explain this development. The "mining" and "chemicals" indices, on the other hand, recorded declines of 5.6% and 2% respectively.

As for the overall trading volume, it reached 495.4 million dirhams (MDH) after 132.9 MDH the previous week. As for the average daily volume on the central equity market, it stood at 99.9 MDH after 44 MDH last week.