Moroccan Dirham Weakens Against Euro, Stable vs Dollar: Central Bank Report

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of January 7, 2022, the outstanding official reserve assets stood at 329.8 billion dirhams (MMDH), down 0.4% from the previous week and up 6.8% year-on-year, the same source said.

BAM reports that an amount of 72 MMDH was injected, including 28.8 MMDH in the form of 7-day advances on call for tenders and 22.8 MMDH in the form of repurchase agreements, during the same period. Similarly, 21.2 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 5.5 MMDH. As for the interbank rate, it averaged 1.5%. At the call for tenders on January 12 (value date January 13), the central bank injected 30.4 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.8% over the same period, bringing its performance since the beginning of the year to 1.3%. This development is explained by the increases in the indices of "buildings and construction materials" by 2.7%, "banks" (1.9%) and "telecommunications" (0.9%). Conversely, those of the "portfolio companies and holdings" and "leisure and hotels" sectors decreased by 3% and 1% respectively.

As for the overall trading volume, it amounted to 831.3 million dirhams (MDH) after 1.6 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 141 MDH compared to 173.3 MDH the previous week.