Moroccan Dirham Strengthens Against Dollar, Weakens Versus Euro

During this period, no auction operation was carried out on the foreign exchange market, the central bank said in its latest weekly bulletin.

As of October 21, 2022, the official reserve assets stood at 337.6 billion dirhams (MMDH), down 0.3% from the previous week and up 4.4% year-on-year, BAM said.

During the same period, the overall outstanding amount of BAM’s interventions stood at 104.9 MMDH, including 50.8 MMDH in the form of 7-day advances on calls for tenders, 30.9 MMDH in outstanding long-term repurchase agreements and 23.2 MMDH in long-term guaranteed loans.

In the interbank market, the average daily trading volume stood at 4.7 MMDH and the interbank rate averaged 2% during this period.

At the October 26 call for tenders (value date October 27), the Bank injected 42.9 MMDH in the form of 7-day advances.

On the stock market, the Masi fell by 5%, bringing its underperformance since the beginning of the year to 19.6%. This weekly change mainly reflects the declines in the indices of the telecommunications sector by 9.7%, banks by 7.1% and building and construction materials by 3.2%.

Conversely, those of the chemicals and "financing companies and other financial activities" sectors increased by 2.7% and 1.7% respectively.

As for the overall trading volume, it amounted to 396.5 million dirhams (MDH) compared to 585.6 MDH the previous week. On the central equity market, the average daily volume stood at 54.5 MDH after 111.8 MDH.