Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar in Mid-October

Foreign exchange purchase auction operations were carried out on October 18, during which BAM retained a total amount of 45 million dollars, the equivalent of 407.4 million dirhams (MDH), the central bank specifies. As of October 15, 2021, the outstanding official reserve assets stood at 322.8 billion dirhams (MMDH), up 0.3% week-on-week and 10% year-on-year.

BAM reports that an amount of 83.6 MMDH was injected, including 30.9 MMDH in the form of 7-day advances on a call for tenders and 25.8 MMDH in the form of repurchase agreements, during the period from October 14 to 20. Similarly, 26.9 MMDH were injected as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 3.2 MMDH. As for the interbank rate, it averaged 1.5%. In the call for tenders on October 21 (value date October 21), the central bank injected 29.8 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.8% between October 14 and 18, bringing its performance since the beginning of the year to 17.7%. This development is explained by the increases in the indices of the "distributors" sector by 4.9% as well as the "banks" and "telecommunications" sectors by 0.7% each. Conversely, the indices of the "transport services" and "utilities" sectors fell by 0.4% and 4% respectively.

As for the overall trading volume, it amounted to 523.9 million dirhams (MDH), after 619.7 MMDH a week earlier. Regarding the average daily volume on the central equity market, it stood at 163.7 MDH compared to 114.2 MDH the previous week.