Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

During this period, no auction operation was carried out on the foreign exchange market, BAM said in its note on its weekly indicators. It added that as of October 25, net international reserves stood at 231.4 billion dirhams (MMDH), almost stagnant from one week to the next and up 2.9% year-on-year.

Regarding interventions in the money market, Bank Al-Maghrib injected an amount of 75.5 MMDH, including 94.8 MMDH in the form of 7-day advances on a call for tenders and 2.3 MMDH granted under the program to support the financing of SMEs, as well as an amount of 4.6 MMDH provided through a foreign exchange swap operation.

During this period, the interbank rate stood at 2.26% and the daily trading volume at 3.2 MMDH, the note states, indicating that, in the form of 7-day advances, the central bank injected an amount of 87.5 MMDH, during the call for tenders on October 30 (value date October 31).

As for the stock market, the MASI remained almost stable, maintaining its performance since the beginning of the year at 1.5%. However, the weekly change in the benchmark index mainly reflects the depreciations of the indices of the "insurance" sector by 2.8%, the "telecommunications" sector by 0.7% and the "buildings and construction materials" sector by 0.3%, as well as the increases in the indices of the "beverages" sector (+2.4%) and the "banks" sector (+0.7%).

BAM also recalls that the total trading volume reached 1.3 MMDH after 639.8 million dirhams (MDH) the previous week. On the central equity market, the average daily trading volume amounted to 229.5 MDH, after 97.9 MDH last week.