Stock market MASI increased by 1.8%, bringing its underperformance to 14.7% since the start of the year.
Rabat – Morocco’s central bank, Bank Al Maghrib, announced that the Moroccan Dirham appreciated by 0.62% against the Euro and 0.45% against the Dollar from October 8 to 14.
Bank al Maghrib also indicated in its weekly notice that the foreign exchange market did not record any auction operations.
Morocco’s reserve assets stood at MAD 294.7 billion ($32.1 billion) as of October 9, which represents a growth of 23.4% year-on-year.
During the second week of October, Bank Al Maghrib injected a total of MAD 102.1 billion ($11.1 billion), including MAD 37.9 billion ($4.1 billion) in the form of seven-day advances on call for tenders, and MAD 30.6 billion ($ 3.3 billion) in the form of repo transactions.
The injection also included MAD 28.7 billion ($ 3.1 billion) as part of the financing support program for small and medium-sized enterprises (SMEs), and MAD 4.9 billion ($534 million) for foreign exchange operations.
The average daily volume of trade on the interbank market stood at MAD 7.4 billion ($806 million), translating to an average rate of 1.5% during the same period.
Stock market MASI, on the other hand, increased by 1.8%. This helped to reduce the underperformance gap it has witnessed this year, bringing it to 14.7%, Bank Al Maghrib reported.
The bank attributes the increase to a growth of 3.5% banking sector indices and of 2.7% in the sector of building and construction materials. It also factors in a decrease of 0.1% in telecommunication and of 0.6% in the domain of insurance.
The overall volume of trade was MAD 667.7 million ($72.7 million) against MAD 2 billion ($217.9 million) one week earlier.
On the central equity market, the average daily volume amounted to MAD 133.5 million ($14.5 million) compared to MAD 67.6 million (MAD 7.3 million) the previous week.