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, indicates Bank Al-Maghrib (BAM), while specifying that as of May 20, 2022, the outstanding official reserve assets stood at 328.1 billion dirhams (MMDH), down 0.3% from the previous week and up 8.1% year-on-year.

The central bank reports that an amount of 88.5 MMDH was injected, including 46 MMDH in the form of 7-day advances on call for tenders and 21.2 MMDH in the form of repurchase agreements, during the same period. Similarly, 21.3 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 3.9 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on May 25 (value date May 26), the central bank injected 41.4 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 2.3%, thus bringing its underperformance since the beginning of the year to 7.2%. This weekly development is explained by the declines in the indices of the "buildings and construction materials" sector by 3.8% and the banks by 1.8%. Conversely, those of electricity and "computer hardware, software and services" increased by 0.7% and 0.5% respectively.

As for the overall trading volume, it amounted to 1.5 MMDH after 344.6 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 100.2 MDH against 66.7 MDH the previous week.