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, Bank Al-Maghrib (BAM) indicates, while specifying that as of July 15, 2022, the official reserve assets stood at 331.2 billion dirhams (MMDH), up 1.8% from the previous week and 10% year-on-year.

The central bank reports that an amount of 114.3 MMDH was injected, including 52.1 MMDH in the form of 7-day advances on call for tenders and 37.6 MMDH in the form of repurchase agreements, during the same period. Similarly, 23.7 MMDH and 900 million dirhams (MDH) were injected respectively under the TPME financing support programs and for foreign exchange swap operations.

On the stock market, the MASI appreciated by 1.3%, bringing its underperformance since the beginning of the year to 10.6%. This weekly change is explained by the increases in the indices of the telecommunications (4.7%), building and construction materials (+1.2%) and banking (+0.8%) sectors. Conversely, those of the transport services and real estate investment companies sectors decreased by 0.8% and 1.3% respectively.

As for the overall trading volume, it amounted to 693.9 MDH, including 171.7 MDH for the IPO of the company Disty Technologies on the new alternative market dedicated to SMEs, compared to 448.6 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 48.1 MDH after 74.8 MDH the previous week.