Moroccan Dirham Weakens Against Euro, Gains on Dollar as Foreign Reserves Dip

During this period, no foreign exchange auction was carried out, BAM indicates, while specifying that as of February 5, 2021, the outstanding official reserve assets stood at 312.5 billion dirhams (MMDH), down 0.4% from the previous week and up 25.1% year-on-year.

BAM reports that an amount of 73.2 MMDH was injected, including 27 MMDH in the form of 7-day advances on call for tenders and 15.5 MMDH in the form of repurchase agreements, during the same period. Similarly, 26.7 MMDH and 4 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 4.4 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on February 10 (value date February 11), the central bank injected 24.6 MMDH in the form of 7-day advances.

On the stock market, the MASI recorded a decline of 1.6%, bringing its underperformance since the beginning of the year to 2.5%. This development is explained by the depreciation of the indices of the "banking" sectors by 2.5%, "telecommunications" by 2.4% and "agri-food" by 2%. Conversely, the insurance index rose by 2.5%.

As for the overall trading volume, it amounted to 561.2 million dirhams (MDH) after 477.9 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 112 MDH against 95 MDH last week.