Moroccan Dirham Weakens Against Euro, Foreign Reserves Rise

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of July 29, 2022, the official reserve assets stood at 330.1 billion dirhams (MMDH), up 1.1% from the previous week and 9.7% year-on-year.

The central bank reports that an amount of 104.1 MMDH was injected, including 38.3 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 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%. At the August 3 call for tenders (value date August 4), the central bank injected 42.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.5%, bringing its underperformance since the beginning of the year to 11.4%. This weekly change is explained by the increases in the indices of the distribution sectors of 1.4% and "buildings and construction materials" of 1.3%. Conversely, those of the beverage and telecommunications sectors fell by 3.8% and 3.5% respectively.

As for the overall trading volume, it amounted to 234.4 MDH against 219.4 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 46.7 MDH after 42.8 MDH the previous week.