Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar in Mid-June

No foreign exchange auction was carried out during this period, BAM said in its latest weekly indicators bulletin. Official reserve assets are around 289 billion dirhams (MMDH) as of June 12, up 0.4% from the previous week and up 21.7% year-on-year.

During the same period, the central bank injected an amount of 33 MMDH in the form of 7-day advances on call for tenders. With injections of 43.4 MMDH in the form of repurchase agreements, 21.1 MMDH under the TPME financing support program and 2.8 MMDH for foreign exchange swap operations, the total outstanding interventions stand at 101.3 MMDH, the same source points out.

In the interbank market, the daily trading volume stood at 8.1 MMDH. As for the interbank rate, it averaged around 1.99% during the same period. BAM states that it injected 41.2 MMDH in the form of 7-day advances at the June 17 call for tenders (value date June 18).

On the stock market, the MASI appreciated by 3.9%, bringing its underperformance since the beginning of the year to 14.2%. As for the sectoral indices, they recorded an increase with respective rates of 4%, 4.7% and 4.6% for "buildings and construction materials", "telecommunications" and "banks".

As of June 19, one US dollar was worth 9.666 dirhams, while one euro was exchanged at 10.827 dirhams.