Moroccan Dirham Weakens Against Euro, Gains on Dollar in Latest Trading Week

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of May 7, 2021, the outstanding official reserve assets stood at 303.2 billion dirhams (MMDH), down 0.3% from the previous week, and up 6.7% year-on-year.
BAM reports that an amount of 76.7 MMDH was injected, including 32.6 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 as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 3.9 billion between May 6 and 11. As for the interbank rate, it stood at an average of 1.5% during this period. At the call for tenders on May 12 (value date May 17), the central bank injected an amount of 37.5 billion dirhams in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.6% between May 6 and 11, thus bringing its performance since the beginning of the year to 6.6%. This development is explained by the increases in the indices of the transport services sectors of 2.6% and banks of 0.4%. Conversely, the indices of the utilities and real estate investment sectors fell by 2.1% and 0.8% respectively.

As for the overall trading volume, it amounted to 835.6 million DH after 1.3 million MMDH a week earlier. Regarding the average daily volume on the central equity market, it stood at 208.9 MDH against 262.3 MDH the previous week.