Moroccan Dirham Gains Strength Against Euro and Dollar, Reserves at 344.8 Billion

In its recent weekly indicator bulletin, the central bank specifies that during this period, no auction operation was carried out on the foreign exchange market.

As of June 28, 2023, the official reserve assets stood at 344.8 billion dirhams (MMDH), down 1% from the previous week and up 5.3% year-on-year, the same source said. During the same period, the overall outstanding amount of BAM’s interventions stood at 117.3 MMDH, including 50.5 MMDH in the form of 7-day advances on tenders, 43.1 MMDH in outstanding long-term repurchase agreements and 23.7 MMDH in the amount of long-term guaranteed loans.

On the interbank market, between July 3 and 5, the average daily trading volume stood at 5.5 MMDH and the interbank rate averaged 3.00%.

On the stock market side, and during the period from July 3 to 5, the MASI appreciated by 0.8%, bringing its performance since the beginning of the year to 8.9%. This weekly change mainly reflects the increases in the indices of the "oil and gas" sector of 4.9% and the "building and construction materials" sector of 2.5%. On the other hand, those relating to the "real estate investment companies" and insurance sectors decreased by 1.8% and 1.5% respectively.

As for the overall trading volume, it stood at 228 million dirhams (MDH), compared to 2.2 MMDH a week earlier. On the central equity market, the average daily volume reached 68.2 MDH, after 432.2 MDH.