Moroccan Dirham Weakens Against Euro, Gains on Dollar Amid Central Bank Interventions

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of November 11, 2022, the outstanding official reserve assets stood at 341.2 billion dirhams (MMDH), up 0.4% from the previous week and 6.1% year-on-year.

The central bank reports that an amount of 104.8 MMDH was injected, including 46.8 MMDH in the form of 7-day advances on a call for tenders and 31 MMDH in the form of repurchase agreements and 26.9 MMDH in the amount of long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume was 2.1 MMDH. As for the interbank rate, it stood at an average of 2%. At the tender on November 16 (value date November 17), the central bank injected 32.1 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.3%, bringing its underperformance since the beginning of the year to 20.5%. This development is mainly explained by the declines in the sectoral indices of agri-food by 3.4%, oil and gas by 2.2% and distributors by 1.5%. On the other hand, those of the telecommunications and banking sectors increased by 1.3% and 0.4% respectively.

As for the overall trading volume, it amounted to 699.1 MMDH after 361.6 MDH the previous week.