Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 324.3 Billion

During this period, no auction operations were carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of June 3, 2022, the outstanding official reserve assets stood at 324.3 billion dirhams (MMDH), down 0.1% from the previous week and up 6.8% year-on-year.

The central bank reports that an amount of 87.8 MMDH was injected, including 36.2 MMDH in the form of 7-day advances on a call for tenders and 29.1 MMDH in the form of repurchase agreements, during the same period. Similarly, 22.2 MMDH and 250 million dirhams (MDH) were injected respectively under the programs to support the financing of SMEs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 3.9 MMDH. As for the interbank rate, it averaged 1.5%. At the June 8 call for tenders (value date June 9), the central bank injected 34.7 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 2.3%, reducing its underperformance since the beginning of the year to 5.1%. This weekly change is explained by the increases in the indices of the "oil and gas" sector by 4.5%, the "buildings and construction materials" sector by 3.7% and the "banks" sector by 3.2%. Conversely, those of real estate investment companies and computer hardware, software and services decreased by 1.3% and 3.4% respectively.

As for the overall trading volume, it reached 859.7 MDH after 622.9 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 67.9 MDH compared to 123.5 MDH the previous week.