Moroccan Dirham Surges Against Euro, Official Reserves Rise to 339.7 Billion

During this period, no adjudication operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of October 28, 2022, the outstanding official reserve assets stood at 339.7 billion dirhams (MMDH), up 0.6% from the previous week and 5.2% year-on-year.

BAM reports that an amount of 100.9 MMDH was injected, including 42.9 MMDH in the form of 7-day advances on call for tenders and 31 MMDH in outstanding long-term repurchase agreements and 26.9 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 3.9 MMDH. As for the interbank rate, it averaged 2%. During the call for tenders on November 2 (value date November 3), the central bank injected 50 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 18.7%. This development is explained by the increases in the sectoral indices of banks by 3%, transport services by 2.9% and agri-food by 1.2%. Conversely, those of the chemicals and beverages sectors decreased by 7.4% and 3.1% respectively.

As for the overall trading volume, it amounted to 5.1 MMDH after 396.5 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 88.2 MDH against 54.5 MDH the previous week. As for the transactions carried out on the block market, they totaled 4.7 MMDH.