Moroccan Dirham Gains 1.4% Against Euro, Official Reserves at 332 Billion

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of April 1st, the outstanding official reserve assets stood at 332.3 billion dirhams (MMDH), down 0.1% from the previous week and up 8.8% year-on-year, the same source said.

BAM reports that an amount of 83.3 MMDH was injected, including 40.9 MMDH in the form of 7-day advances on call for tenders and 21.7 MMDH through repurchase operations, during the same period. Similarly, 20.8 MMDH were injected as part of the support programs for SME financing.

On the interbank market, the average daily trading volume stood at 4.2 MMDH. As for the interbank rate, it stood at an average of 1.5%. At the call for tenders on April 6 (value date April 7), the central bank injected 36.7 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 1.1%, thus bringing its underperformance since the beginning of the year to 3.5%. This development is explained by the increases in the indices of the banking sector by 1.1%, the "buildings and construction materials" sector by 1.9% and the insurance sector by 3.9%. Conversely, those of the agri-food and transport companies decreased by 1.7% and 0.6% respectively.

As for the overall trading volume, it amounted to 500.4 million dirhams (MDH) after 539.1 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 76 MDH compared to 107.5 MDH the previous week.