Moroccan Dirham Strengthens Against Euro, Weakens vs Dollar as Reserves Hold Steady

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of August 6, 2021, the outstanding official reserve assets stood at 300.6 billion dirhams (MMDH), a slight week-on-week decrease of 0.1% and an increase of 3.4% year-on-year.

BAM reports that an amount of 97.3 MMDH was injected, including 40 MMDH in the form of 7-day advances on call for tenders and 29.8 MMDH in the form of repurchase agreements, during the same period. Similarly, 27.5 MMDH were injected as part of the support programs for MSME financing.

On the interbank market, the average daily trading volume stood at 2.7 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on March 3 (value date March 4), the central bank injected 36.9 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.1%, thus bringing its underperformance since the beginning of the year to 11.3%. This development is explained by the increases in the indices of the "Pharmaceutical Industry" sector by 16%, the "Building and construction materials" sector by 1.4% and the "Banks" sector by 1.2%. Conversely, the indices of the "Real Estate" and "Chemicals" sectors decreased by 3.2% and 2.2% respectively.

As for the overall trading volume, it amounted to 402.4 million dirhams (MDH), after 421.2 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 96.8 MDH against 89.5 MDH the previous week.