Moroccan Dirham Gains Against Euro and Dollar as Official Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of November 17, 2022, the outstanding official reserve assets stood at 342 billion dirhams (MMDH), 202, the official reserve assets stood at 342 billion dirhams (MMDH), up 0.2% from the previous week and 6.3% year-on-year.

The central bank reports that an amount of 90.1 MMDH was injected, including 32.1 MMDH in the form of 7-day advances on call for tenders and 31 MMDH in the form of repurchase agreements, and 26.9 MMDH the amount of long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 2.4 MMDH. As for the interbank rate, it averaged 2%. At the call for tenders on November 23 (value date November 24), the central bank injected 50.9 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 2.2%, thus mitigating its underperformance since the beginning of the year to 18.8%. This development is mainly explained by the increases in the sectoral indices of the banking sector by 3.7%, the distributors by 3.4% and the building and construction materials by 1.2%. On the other hand, those of the "financing companies and other financial activities" sector and the "computer hardware, software and services" sector decreased by 3.6% and 0.2% respectively.

As for the overall trading volume, it amounted to 800 million dirhams (MDH), after 699.1 MDH the previous week.