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

During this period, no auction operation was carried out on the foreign exchange market, BAM said, while specifying that as of April 23, 2021, the outstanding official reserve assets stood at 303.9 billion dirhams (MMDH), down 0.1% from the previous week and up 6.4% year-on-year.

BAM reports that an amount of 69.3 MMDH was injected, including 25.2 MMDH in the form of 7-day advances on call for tenders and 15 MMDH in the form of repurchase agreements, during the same period. Similarly, 29.1 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 4.3 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on April 28 (value date April 29), the central bank injected 30.6 MMDH in the form of 7-day advances.

On the stock market, the MASI recorded a gain of 0.9%, thus bringing its underperformance since the beginning of the year to 4.4%. This development is explained by the increases in the sectoral indices of oil and gas (4.2%), agri-food (2.5%) and banks (0.5%). Conversely, the sectoral indices of leisure and hotels and telecommunications fell by 2.8% and 1.3% respectively.

As for the overall trading volume, it amounted to 537.1 million dirhams (MDH), after 464.4 MDH the previous week. As for the average daily volume on the central equity market, it stood at 107.3 MDH against 92.9 MDH last week.