Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves Rise

During this period, no foreign exchange auction operation was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of June 17, 2022, the outstanding official reserve assets stood at 323.3 billion dirhams (MMDH), up 0.8% from the previous week and 7.4% year-on-year.

The central bank reports that an amount of 96.5 MMDH was injected, including 44.9 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 2.8 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on June 22 (value date June 23), the central bank injected 32.9 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 2.7%, bringing its underperformance since the beginning of the year to 10%. This weekly change is explained by the declines in the indices of the "Banks" sector by 2.9%, "Building and construction materials" by 2.7% and "Telecommunications" by 2.4%. Conversely, those of "Leisure and hotels" and "Portfolio companies and holdings" increased by 5.1% and 2.6% respectively.

As for the overall trading volume, it amounted to 1.5 MMDH after 676.3 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 198.1 MDH against 135.3 MDH the previous week. As for the turnover on the block market, it stood at 438 MDH.