Moroccan Dirham Weakens Against Euro, Gains on Dollar in Latest Bank Al-Maghrib Report

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of July 23, 2021, the outstanding official reserve assets stood at 301.2 billion dirhams (MMDH), almost stagnant from one week to the next and up 2.9% year-on-year.

The central bank reports that an amount of 111.9 MMDH was injected, including 60.9 MMDH in the form of 7-day advances on call for tenders and 23.4 MMDH in the form of repurchase agreements, during the same period. Similarly, 27.5 MMDH were injected as part of the support programs for SME financing.

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 call for tenders on July 28 (value date July 29), the central bank injected 42 MMDH in the form of 7-day advances.

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On the stock market, the MASI appreciated by 0.7%, thus bringing its underperformance since the beginning of the year to 8.4%. This development is explained by the increases in the sectoral indices of "oil and gas" by 3.1%, banks by 1.5% and agri-food by 0.2%. Conversely, the indices of the "real estate" and "beverages" sectors fell by 4.9% and 2.9% respectively.

As for the overall trading volume, it amounted to 5.7 MMDH, of which 5.3 MMDH were traded on the block market, after 516.3 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 75.3 MDH against 48.9 MDH the previous week.