Moroccan Dirham Fluctuates: Gains Against Dollar, Slips Versus Euro

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of January 13, 2023, the outstanding official reserve assets stood at 329.8 billion dirhams (MMDH), down 1.2% from the previous week and up 0.5% year-on-year, the same source said.

BAM reports that an amount of 93.2 MMDH was injected, including 47.8 MMDH in the form of 7-day advances on call for tenders and 21.5 MMDH in outstanding long-term repurchase agreements and 23.8 MMDH in long-term guaranteed loans, during the same period.

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Two calls for tenders relating to structural operations to purchase Treasury bills on the secondary market were organized on January 9 and 16, 2023 by the central bank. The first operation recorded a total demand of nearly 15 MMDH, fully satisfied by BAM, and concerned Treasury bills with an average maturity of 6.5 months at an average rate of 3.34%. As for the second operation, it recorded a total demand of 1.3 MMDH, fully satisfied by the central bank. It concerned bills with an average maturity of nearly 3 months at an average rate of 3.16%.

On the interbank market, the average daily trading volume stood at 5.5 MMDH. As for the interbank rate, it stood at an average of 2.50%. During the call for tenders on January 18 (value date January 19), the Bank injected an amount of 43.6 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 3.9%, thus reducing its underperformance since the beginning of the year to 3.2%. This development is explained by the increases in the indices of the building and construction materials sectors of 13.7%, electricity of 11.7% and banks of 3%. Conversely, those of oil and gas and distributors decreased by 3.1% and 1.1% respectively.

As for the overall trading volume, it amounted to 579.2 MDH against 549.4 MDH the previous week. As for the average daily volume on the central equity market, it stood at 111.2 MDH after 99.7 MDH the previous week.