Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

During this period, no offers were recorded in the context of the foreign exchange auctions organized by BAM, the central bank said, noting that as of January 28, 2022, the official reserve assets stood at 330.3 billion dirhams (MMDH), up 0.4% week-on-week and 5.2% year-on-year.

BAM reports that an amount of 78.1 MMDH was injected, including 35.8 MMDH in the form of 7-day advances on call for tenders, 22.7 MMDH in the form of repurchase agreements, during the same period. Similarly, 19.7 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4 MMDH. As for the interbank rate, it averaged 1.5%. At the tender on February 2 (value date February 3), the central bank injected 34 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.3%, bringing its performance since the beginning of the year to 4.1%. This development is explained by the increases in the indices of the "mining" sectors by 4.7%, "banks" by 2.3%, and "building and construction materials" by 1.2%. Conversely, those of the "electricity" and "computer equipment, software and services" sectors decreased by 0.8% and 0.5% respectively.

As for the overall trading volume, it amounted to 543.5 million dirhams (MDH) after 1.3 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 107.5 MDH against 229.5 MDH the previous week.