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

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 25, 2022, the outstanding official reserve assets stood at 332.7 billion dirhams (MMDH), down 1.8% from the previous week and up 8.5% year-on-year, the same source said.

BAM reports that an amount of 79.1 MMDH was injected, including 36.7 MMDH in the form of 7-day advances on call for tenders and 21.7 MMDH through repurchase operations, during the same period. Similarly, 20.8 MMDH were injected as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 4.6 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on March 30 (value date March 31), the central bank injected 40.9 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.4%, thus bringing its underperformance since the beginning of the year to 4.5%. This development is explained by the increases in the indices of the agri-food sector by 2.6%, the banking sector by 2.4% and the "buildings and construction materials" sector by 2%. Conversely, those of the insurance and electricity sectors decreased by 2.5% and 1.9% respectively.

As for the overall trading volume, it amounted to 539.1 MDH after 555.3 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 107.5 MDH against 110.9 MDH the previous week.