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, the central bank said in its latest weekly bulletin.

As of October 14, 2022, the official reserve assets stood at 338.7 billion dirhams (MMDH), down 0.1% from the previous week and up 4.9% year-on-year, BAM said.

During the same period, the overall outstanding amount of BAM’s interventions stood at 105.7 MMDH, including 51.6 MMDH in the form of 7-day advances on tender, 30.9 MMDH in outstanding long-term repurchase agreements and 23.2 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 5.4 MMDH and the interbank rate averaged 2% during this period, the source noted, noting that in the tender of October 19 (value date October 20), the Bank injected an amount of 50.8 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 3% last week, bringing its underperformance to 15.3% since the beginning of the year. This weekly change mainly reflects the declines in the indices of the building and construction materials sectors of 4.4% and the banks of 3.5%. Conversely, those of the beverages and "oil and gas" sectors increased by 4.7% and 0.5% respectively.

As for the overall trading volume, it amounted to 585.6 million dirhams (MDH) against 367.1 MDH the previous week. On the central equity market, the average daily volume stood at 111.8 MDH after 82.9 MDH.