Moroccan Dirham Strengthens Against Euro, 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 February 25, 2022, the outstanding official reserve assets stood at 333.4 billion dirhams (MMDH), up 0.2% from the previous week and 8.1% year-on-year.

The central bank reports that an amount of 75.2 MMDH was injected, including 33.1 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 as part of the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.7 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on June 30 (value date July 1), the central bank injected 36.4 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 4%, thus bringing its underperformance since the beginning of the year to 2.9%. This development is explained by the declines in the sectoral indices of "oil and gas" by 10.6%, "buildings and construction materials" (7.2%) and "banks" (2.7%). The indices of the "mining" and "portfolio companies and holdings" sectors fell by 1.8% and 1.4% respectively.

As for the overall trading volume, it amounted to 882.3 million dirhams (MDH) after 1 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 172.8 MDH against 199.7 MDH the previous week.