Moroccan Dirham Weakens Against Euro, Gains on Dollar in Early November

During this period, no adjudication operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of November 4, 2022, the outstanding official reserve assets stood at 339.9 billion dirhams (MMDH), almost unchanged from the previous week and up 5.6% year-on-year.

BAM reports that an amount of 108 MMDH was injected, including 50 MMDH in the form of 7-day advances on call for tenders and 31 MMDH in outstanding long-term repurchase agreements and 26.9 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume was 2 MMDH. As for the interbank rate, it stood at an average of 2%. During the call for tenders on November 9 (value date November 10), the central bank injected 46.8 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 1.9%, bringing its underperformance since the beginning of the year to 20.2%. This development is explained by the declines in the indices of the building and construction materials sectors of 3.3%, telecommunications of 2% and banks of 0.9%. Conversely, those of the chemicals and real estate investment companies sectors increased by 0.9% each.

As for the overall trading volume, it amounted to 361.6 MDH after 5.1 MMDH the previous week. As for the average daily volume on the central equity market, it stood at 69.3 MDH against 88.2 MDH the previous week.