Moroccan Dirham Weakens Against Euro, Gains on Dollar in Latest Currency Shift

During this period, no offer was recorded in the context of the foreign exchange auctions organized by BAM, the central bank indicates, specifying that as of November 26, 2021, the official reserve assets stood at 322.3 billion dirhams (MMDH), up 0.2% from the previous week and 10.5% year-on-year.

BAM reports that an amount of 84.5 MMDH was injected, including 36.7 MMDH in the form of 7-day advances on call for tenders, 22.7 MMDH in the form of repurchase agreements, during the same period. Similarly, 25 MMDH were injected under the TPME financing support programs and 100 million dirhams (MDH) for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 4.1 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on December 1 (value date December 2), the central bank injected 37.2 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 1.3%, thus bringing its performance since the beginning of the year to 16.7%. This development is explained by the declines in the indices of the "buildings and construction materials" sectors of 2.5%, "banks" of 1.5% and "telecommunications" of 0.8%. Conversely, the indices of the "oil and gas" and "financing companies and other financial activities" sectors increased by 0.9% each.

As for the overall trading volume, it amounted to 684.9 MDH after 328.1 MDH the previous week. As for the average daily volume on the central equity market, it stood at 134.9 MDH against 82 MDH the previous week.