Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of July 1, 2022, the outstanding official reserve assets stood at 327.4 billion dirhams (MMDH), up 1% from the previous week and 8.7% year-on-year.

The central bank reports that an amount of 109.1 MMDH was injected, including 47 MMDH in the form of 7-day advances on call for tenders and 37.6 MMDH in the form of repurchase agreements, during the same period. Similarly, 23.7 MMDH and 900 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 2.1 billion. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on July 6 (value date July 7), the central bank injected 45.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 3.5%, bringing its underperformance since the beginning of the year to 12.9%. This weekly change is explained by the declines in the indices of the "buildings and construction materials" sectors of 4%, banks of 3.2% and telecommunications of 2.3%. Conversely, those of the "electricity" and "financing companies and other financial activities" sectors increased by 1.6% and 0.5% respectively.

As for the overall trading volume, it amounted to 651.3 MDH against 1.5 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 121.9 MDH against 235.1 MDH the previous week.