Moroccan Dirham Strengthens Against Euro, Official Reserves Rise

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of May 13, 2022, the outstanding official reserve assets stood at 329.2 billion dirhams (MMDH), up 0.3% from the previous week and 9% year-on-year.

The central bank reports that an amount of 92.7 MMDH was injected, including 50.2 MMDH in the form of 7-day advances on call for tenders and 21.2 MMDH in the form of repurchase agreements, during the same period. Similarly, 21.3 MMDH were injected as part of the SME financing support programs.

On the interbank market, the average daily trading volume stood at 4.6 MMDH. As for the interbank rate, it averaged 1.5%. During the call for tenders on May 18 (value date May 19), the central bank injected 46 MMDH in the form of 7-day advances.

On the stock market, the MASI gained 0.2%, bringing its year-to-date underperformance to 5.1%. This weekly change is explained by the increases in the indices of the mining sector by 3.4%, "oil and gas" by 3.3% and "real estate investment companies" by 2.2%. Conversely, those of the pharmaceutical industry, "transport services" and telecommunications fell by 4.4%, 0.7% and 0.3% respectively.

As for the overall trading volume, it amounted to 344.6 million dirhams (MDH) after 530.5 MDH the previous week. As for the average daily volume on the central equity market, it stood at 66.7 MDH against 99.9 MDH the previous week.