Moroccan Dirham Weakens Against Euro, Strengthens vs Dollar as Reserves Grow

During this period, no foreign exchange auction was carried out, the central bank said in its latest weekly bulletin.
As of September 30, 2022, official reserve assets stood at 340.7 billion dirhams (MMDH), up 1.1% from the previous week and 7.2% year-on-year, BAM said.

During the same period, the overall outstanding amount of BAM’s interventions stood at 104.8 MMDH, including 50.8 MMDH in the form of 7-day advances on call for tenders, 30.9 MMDH in outstanding long-term repurchase agreements and 23.2 MMDH in long-term guaranteed loans.

On the interbank market, the average daily trading volume stood at 7 MMDH and the interbank rate averaged 2% during this period, the same source notes, noting that in the call for tenders on October 5 (value date October 6), the Bank injected an amount of 48.6 MMDH in the form of 7-day advances.

On the stock market, the Masi depreciated by 1.2%, bringing its underperformance since the beginning of the year to 12.7%. This weekly change mainly reflects the declines in the indices of the building and construction materials sectors by 3%, the agri-food sector by 2.8% and the banking sector by 1.1%.

On the other hand, the indices of the real estate investment companies and "oil and gas" sectors increased by 1% and 0.5% respectively.
As for the overall trading volume, it stood at 923.6 million dirhams (MDH), compared to 1.1 MMDH a week earlier. On the central equity market, the average daily volume amounted to 183.7 MDH after 219.3 MDH.