Moroccan Dirham Weakens Against Euro, Strengthens 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 February 4, 2022, the outstanding official reserve assets stood at 329.4 billion dirhams (MMDH), down 0.3% from the previous week and 5.4% year-on-year, the same source said.

BAM reports that an amount of 76.4 MMDH was injected, including 34 MMDH in the form of 7-day advances on tender and 22.7 MMDH in the form of repurchase agreements, during the same period. Similarly, 19.7 MMDH were injected under the TPME financing support programs.

On the interbank market, the average daily trading volume stood at 3.5 MMDH. As for the interbank rate, it averaged 1.5%. At the tender on February 9 (value date February 10), the central bank injected 30.4 MMDH in the form of 7-day advances.

On the stock market, the MASI gained 0.3%, bringing its underperformance since the beginning of the year to 4.4%. This development is explained by the increases in the indices of the insurance sectors by 1.7%, banks by 0.6% and building and construction materials by 0.3%. Conversely, those of the mining and telecommunications sectors fell by 2.6% and 1% respectively.

As for the overall trading volume, it reached 732.5 M DH after 543.5 MDH the previous week. As for the average daily volume on the central equity market, it stood at 139.2 MDH against 107.5 MDH the previous week.