Moroccan Dirham Strengthens Against Euro and Dollar, Reserves Rise

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, specifying that as of March 18, 2022, the outstanding official reserve assets stood at 338.8 billion dirhams (MMDH), up 0.9% from the previous week and 10.1% year-on-year.

The central bank reports that an amount of 76.2 MMDH was injected, including 34 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 and 73 million dirhams (MDH) through 24-hour advances.

On the interbank market, the average daily trading volume stood at 4.2 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on March 23 (value date March 24), the central bank injected 36.7 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 1.4%, bringing its underperformance since the beginning of the year to 5.8%. This development is explained by the declines in the sectoral indices of the transport services sectors by 3.3%, agri-food by 3% and banks by 2.7%. Conversely, those of electricity and oil and gas increased by 3.5% and 0.8% respectively.

As for the overall trading volume, it reached 555.3 MDH after 452.1 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 110.9 MDH against 88.6 MDH the previous week.