Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of June 17, 2022, the outstanding official reserve assets stood at 342.2 billion dirhams (MMDH), up 0.3% from the previous week and 7.7% year-on-year.

The central bank reports that an amount of 95 MMDH was injected, including 32.9 MMDH in the form of 7-day advances on call for tenders and 37.6 MMDH in the form of repurchase agreements, during the same period. Similarly, 23.7 MMDH and 900 million dirhams (MDH) were injected respectively under the TPME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 3 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on June 29 (value date June 30), the central bank injected 47 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.3%, bringing its underperformance since the beginning of the year to 9.7%. This weekly change is explained by the increases in the indices of the "Banks" sector by 1.2%, the "Distributors" sector by 1.5% and the "Insurance" sector by 2.2%. Conversely, those of the "Oil and Gas" and "Materials, Software and IT Services" sectors fell by 1.7% and 3.1% respectively.

As for the overall trading volume, it amounted to 1.5 MMDH. Regarding the average daily volume on the central equity market, it stood at 235.1 MDH against 198.1 MDH the previous week.