Moroccan Dirham Weakens Against Euro and Dollar as Foreign Reserves Dip

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of April 8, 2022, the outstanding official reserve assets stood at 329.1 billion dirhams (MMDH), down 1% from the previous week and up 8.2% year-on-year, the same source said.

BAM reports that an amount of 79.1 MMDH was injected, including 36.7 MMDH in the form of 7-day advances on call for tenders and 21.7 MMDH through repurchase agreements, during the same period. Similarly, 20.8 MMDH were injected as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 4.2 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on April 13 (value date April 14), the central bank injected 48.2 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.6%, thus bringing its underperformance since the beginning of the year to 2.9%. This development is explained by the increases in the indices of the transport services sectors of 5.5%, "buildings and construction materials" of 1.2% and telecommunications of 1.1%. Conversely, those of insurance and banking decreased by 2.5% and 0.3% respectively.

As for the overall trading volume, it reached 830.4 million dirhams (MDH) after 500.4 MDH the previous week. As for the average daily volume on the central equity market, it stood at 150.1 MDH against 76 MDH the previous week.