Moroccan Dirham Gains Against Euro, Official Reserves Rise to 356.3 Billion

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its weekly bulletin.

As of January 12, the official reserve assets stood at 356.3 billion dirhams (MMDH), up 0.2% from the previous week and 8% year-on-year, the same source said.

During the week of January 11 to 17, 2024, Bank Al-Maghrib’s interventions averaged 115.6 MMDH per day.

They are divided between 7-day advances for an amount of 45.4 MMDH, long-term repurchase agreements and guaranteed loans for outstanding amounts of 42.2 MMDH and 27.4 MMDH respectively, as well as 24-hour advances for an amount of 654 million dirhams (MDH).

On the interbank market, the average daily trading volume stood at 4.8 MMDH and the interbank rate averaged 3.02%.

At the January 17 call for tenders (value date January 18), the Bank injected 51.8 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.9%, bringing its performance since the beginning of the year to 4.2%.

As for the weekly trading volume, it fell from 1 MMDH to 646.8 MDH week-on-week, carried out almost exclusively on the central equity market.