Moroccan Dirham Dips Against Euro and Dollar as Foreign Reserves Decline

During this period, no auction operation was carried out on the foreign exchange market, indicates Bank Al-Maghrib (BAM), while specifying that as of May 12, 2023, the outstanding official reserve assets stood at 355.9 billion dirhams (MMDH), down 0.3% from the previous week and up 8.1% year-on-year.

BAM reports that an amount of 80 MMDH was injected, including 38.2 MMDH in the form of 7-day advances on call for tenders and 21.2 MMDH in outstanding long-term repurchase agreements and 20.6 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume was 3.6 MMDH. As for the interbank rate, it averaged 3%. At the May 17 call for tenders (value date May 18), the Bank injected an amount of 42.1 MMDH in the form of 7-day advances.

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On the stock market, the MASI appreciated by 2.8%, bringing its performance since the beginning of the year to 0.5%. This weekly change is explained by the increases in the indices of the agri-food (3.1%), building and construction materials (3.4%) and banking (2.1%) sectors. Conversely, those related to the "portfolio companies and holdings" and mining sectors decreased by 1.6% and 1.5% respectively.

As for the overall trading volume, it amounted to 667.8 against 299.1 million dirhams (MDH) the previous week. Regarding the average daily volume on the central equity market, it stood at 133 MDH after 59.4 MDH.