Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 335.7 Billion

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of March 11, 2022, the outstanding official reserve assets stood at 335.7 billion dirhams (MMDH), down 0.5% from the previous week and up 9.2% year-on-year.

The central bank reports that an amount of 76.5 MMDH was injected, of which 34.5 MMDH in the form of 7-day advances on call for tenders and 21.5 MMDH in the form of repurchase agreements, during the same period. Similarly, 20.6 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.8 MMDH. As for the interbank rate, it averaged 1.5%. On the stock market, the MASI depreciated by 0.8%, bringing its underperformance since the beginning of the year to 4.5%. This development is explained by the declines in the sectoral indices of building and construction materials by 4.1%, distributors by 3.5% and agri-food by 1.9%. Conversely, those of real estate and real estate investment companies increased by 6.2% and 4.1% respectively.

As for the overall trading volume, it amounted to 452.1 million dirhams (MDH) after 791.3 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 88.6 MDH against 153.5 MDH the previous week.