Moroccan Dirham Weakens Against Euro, Gains on Dollar Amid Currency Fluctuations

During this period, no offer was recorded in the context of foreign exchange auctions, Bank Al-Maghrib (BAM) indicates, while specifying that as of December 10, 2021, the outstanding official reserve assets stood at 329.7 billion dirhams (MMDH), up 2.3% from the previous week, 0.5% and 13.3% year-on-year, the same source said.

BAM reports that an amount of 30.3 MMDH was injected in the form of 7-day advances on call for tenders and 22.7 MMDH in the form of repurchase agreements, during the same period. Similarly, 23.9 MMDH and 100 million dirhams (MDH) were injected respectively under the SME financing support programs and for foreign exchange swap operations.

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 December 15 (value date December 16), the central bank injected 35.4 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.3%, bringing its underperformance since the beginning of the year to 17.6%. This development is explained by the increases in the indices of the "oil and gas" sector of 2.2%, the "buildings and construction materials" sector of 2.1% and telecommunications of 0.6%. Conversely, the indices of the banking and agri-food sectors fell by 0.6% and 0.4% respectively.

As for the overall trading volume, it amounted to 986.2 MDH, after 327.5 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 163.9 MDH against 64.4 MDH the previous week.