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

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates, while specifying that as of January 15, 2021, the outstanding official reserve assets stood at 309 billion dirhams (MMDH), up 0.1% from the previous week and 23.1% year-on-year.

BAM reports that an amount of 77.4 MMDH was injected, including 32.8 MMDH in the form of 7-day advances on call for tenders and 15.3 MMDH in the form of repurchase agreements, during the same period. Similarly, 24.3 MMDH and 5 MMDH were injected respectively under the SME financing support programs and for foreign exchange swap operations.

On the interbank market, the average daily trading volume stood at 5 MMDH. As for the interbank rate, it averaged 1.5%. At the tender on January 20 (value date January 21), the central bank injected 28.4 MMDH in the form of 7-day advances.

On the stock market, the MASI recorded a 2.3% increase, thus bringing its underperformance since the beginning of the year to 2%. This development is explained by the increases in the sectoral indices of "banks" by 3.4%, "buildings and construction materials" by 3.4% and agri-food by 2.6%.

As for the overall trading volume, it amounted to 604.4 million dirhams (MDH), after 262.7 MDH the previous week. As for the average daily volume on the central equity market, it stood at 113.6 MDH against 65.5 MDH last week.