Moroccan Dirham Weakens Against Euro and Dollar, Official Reserves at 328.3 Billion

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of May 6, 2022, the outstanding official reserve assets stood at 328.3 billion dirhams (MMDH), down 0.3% from the previous week and up 8.3% year-on-year.

The central bank reports that an amount of 89.3 MMDH was injected, of which 46.8 MMDH in the form of 7-day advances on call for tenders and 21.2 MMDH in the form of repurchase agreements, during the same period. Similarly, 21.3 MMDH were injected as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 4.6 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on May 11 (value date May 12), the central bank injected 50.2 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 3.8%, thus reducing its underperformance since the beginning of the year to 5.3%. This weekly change is explained by the declines in the indices of the "buildings and construction materials" sectors of 4.8%, telecommunications of 4.2% and banks of 3.7%. Conversely, those of "leisure and hotels" and mining increased by 3% and 0.5% respectively.

As for the overall trading volume, it amounted to 530.5 million dirhams (MDH) after 287.4 MDH the previous week. As for the average daily volume on the central equity market, it stood at 99.9 MDH against 95.8 MDH the previous week.