Moroccan Dirham Weakens Against Euro, Gains on US Dollar

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of July 22, 2022, the official reserve assets stood at 326.5 billion dirhams (MMDH), down 1.4% from the previous week and up 8.4% year-on-year.

The central bank reports that an amount of 103 MMDH was injected, including 41.7 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, 22.6 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.7 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on July 27 (value date July 28), the central bank injected 38.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.4%, bringing its underperformance since the beginning of the year to 11.9%. This weekly change is explained by the declines in the indices of the telecommunications sector by 4.8%, the agri-food sector by 2.7% and the banking sector by 1.7%. Conversely, those of the transport services and real estate investment companies sectors increased by 3.8% and 3.5% respectively.

As for the overall trading volume, it amounted to 219.4 MDH against 693.9 MDH the previous week. As for the average daily volume on the central equity market, it stood at 42.8 MDH after 48.1 MDH the previous week.