Moroccan Dirham Weakens Against Euro and Dollar as Foreign Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of August 12, 2022, the outstanding official reserve assets stood at 336.9 billion dirhams (MMDH), up 1.7% from the previous week and 12.5% year-on-year.

The central bank reports that an amount of 105.5 MMDH was injected, including 39.7 MMDH in the form of 7-day advances on call for tenders and 38.6 MMDH in the form of repurchase agreements, during the same period. Similarly, 27.1 MMDH were injected as part of the support programs for VSME financing.

On the interbank market, the average daily trading volume stood at 3.7 MMDH. As for the interbank rate, it averaged 1.5%. At the August 17 call for tenders (value date August 18), the central bank injected 39.7 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.5%, thus bringing its underperformance since the beginning of the year to 8.9%. This development is explained by the increases in the sectoral indices of telecommunications by 2.4%, banks by 1.6% and building and construction materials by 1.5%, it is specified. On the other hand, those of the electricity and pharmaceutical industries sectors fell by 1.3% each.

As for the overall trading volume, it reached 296.8 MDH after 160.8 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 49.3 MDH against 32 MDH the previous week.