Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 327.7 Billion

During this period, no adjudication operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of May 27, 2022, the outstanding official reserve assets stood at 327.7 billion dirhams (MMDH), down 0.1% from the previous week and up 7.6% year-on-year.

The central bank reports that an amount of 93 MMDH was injected, including 41.4 MMDH in the form of 7-day advances on 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 TPME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 3.2 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the June 1 call for tenders (value date June 2), the central bank injected 36.2 MMDH in the form of 7-day advances.

On the stock market, the MASI did not experience a significant variation, its underperformance since the beginning of the year having stabilized at 7.2%. This weekly development is explained by the declines in the indices of the "buildings and construction materials" sector of 1.6% and the "insurance" sector of 2.5%. Conversely, those of "agri-food" and "oil and gas" increased by 1.3% and 2.3% respectively.

As for the overall trading volume, it amounted to 622.9 MDH after 1.5 MMDH the previous week. As for the average daily volume on the central equity market, it stood at 123.5 MDH against 100.2 MDH the previous week.