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

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of July 24, the official reserve assets stood at 293 billion dirhams (MMDH), up 25.2% year-on-year.

The central bank injected a total of 118.9 MMDH, including 40 MMDH in the form of 7-day advances on a call for tenders, 44 MMDH in the form of repurchase agreements, 31.8 MMDH as part of the TPME financing support program and 3 MMDH for foreign exchange swap operations.

Regarding the daily trading volume on the interbank market, it stood at 5.4 MMDH. As for the interbank rate, it stood at an average of 1.5% during the period. BAM reports that it injected an amount of 38.1 MMDH in the form of 7-day advances during the call for tenders on July 29 (value date July 30).

While on the stock market, the Masi appreciated by 0.1%, thus reducing its underperformance since the beginning of the year to 16%, this favored the rise of the sectoral indices of "banks" by 2.8% and "insurance" by 1.7%. On the other hand, the indices of the "building and construction materials" and "telecommunications" sectors fell by 2.3% and 1.1% respectively.

The overall trading volume stood at 429.4 million dirhams compared to 272.5 million a week earlier. On the central equity market, the average daily volume reached 85.7 million after 46.8 million a week earlier.