Moroccan Dirham Weakens Against Euro, Gains on Dollar Amid Reserve Boost

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that on August 27, 2021, the outstanding official reserve assets stood at 312.6 billion dirhams (MMDH), up week-on-week by 3.9% - mainly due to the new allocation of special drawing rights (SDRs) by the International Monetary Fund (IMF) - and by 5.7% year-on-year.

BAM reports that an amount of 97.6 MMDH was injected, including 9 MMDH in the form of 7-day advances on call for tenders and 30.9 MMDH in the form of repurchase agreements, during the same period. Similarly, 26.7 MMDH and 1 MMDH 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 2.6 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the September 1 call for tenders (value date September 2), the central bank injected 35.9 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.4%, thus bringing its underperformance since the beginning of the year to 12.6%. This development is explained by the increases in the indices of the distribution sectors of 2.1%, telecommunications (0.7%) and banks (0.3%). Conversely, the indices of the pharmaceutical industry and electricity sectors fell by 6% and 1.6% respectively.