Moroccan Dirham Gains 0.44% Against Euro, Official Reserves Rise to 374 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 3, 2024, the outstanding official reserve assets stood at 374 billion dirhams (MMDH), up 4.2% from the previous week and 4.8% year-on-year.

BAM reports that an amount of 131.5 MMDH was injected, including 47.1 MMDH in the form of 7-day advances on call for tenders and 51.8 MMDH in outstanding long-term repurchase agreements and 32.6 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 1.9 MMDH. As for the interbank rate, it averaged 3%. During the call for tenders on May 8 (value date May 9), the Bank injected an amount of 28.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.7%, thus bringing its performance since the beginning of the year to 11%. This weekly change is explained by the increases in the indices of the banking sector by 1.9%, the real estate investment companies by 1.5% and the electricity sector by 10.8%. Conversely, those related to the real estate participation and promotion and building and construction materials sectors decreased by 4.9% and 0.5% respectively.

As for the weekly trading volume, it amounted to 926.7 MMDH, compared to 1 MMDH the previous week, mainly carried out on the central "Equities" market.