Moroccan Dirham Weakens Against Euro and Dollar, Official 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 March 4, 2022, the outstanding official reserve assets stood at 337.3 billion dirhams (MMDH), up 1.2% from the previous week and 9.5% year-on-year, the same source said.

BAM reports that an amount of 78.3 MMDH was injected, including 36.2 MMDH in the form of 7-day advances on call for tenders and 21.5 MMDH in the form of repurchase agreements, during the same period. Similarly, 20.6 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 3.7 MMDH. As for the interbank rate, it averaged 1.5%. During the call for tenders on March 9 (value date March 10), the central bank injected 34.5 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.8%, bringing its underperformance since the beginning of the year to 4.4%. This development is explained by the declines in the real estate index of 12.2%, the banking index of 2.1% and the telecommunications index of 1.1%. Conversely, those of the mining and telecommunications sectors increased by 2.5% and 1.9% respectively.

As for the overall trading volume, it amounted to 791.3 million dirhams (MDH) after 882.3 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 153.5 MDH against 172.8 MDH the previous week.