Moroccan Dirham Strengthens Against Euro, Official Reserves Rise to 318 Billion

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of September 24, 2021, the outstanding official reserve assets stood at 318 billion dirhams (MMDH), up 1.9% from the previous week - mainly due to the sale of the equivalent of 6 MMDH in foreign currency by banks to the Central Bank as part of the auction operations - and 7.6% year-on-year.

BAM reports that an amount of 88.9 MMDH was injected, including 30.5 MMDH in the form of 7-day advances on call for tenders, 30.9 MMDH in the form of repurchase agreements, during the same period. Similarly, 26.6 MMDH and 1 MMDH 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 3.4 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on September 29 (value date September 30), the central bank injected 36.9 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.7%, bringing its performance since the beginning of the year to 16.9%. This development is explained by the increases in the indices of the "buildings and construction materials" sectors of 4.4%, "transport services" of 3.6% and banks of 2%. Conversely, the indices of the pharmaceutical industry and the agri-food sectors fell by 3% and 0.7% respectively.

As for the overall trading volume, it amounted to 1.3 MMDH, after 945.2 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 209.1 MDH against 176.2 MDH the previous week.