Moroccan Dirham Holds Steady Against Euro and Dollar, Central Bank Reports

During this period, no foreign exchange auction was carried out, BAM specifies in its weekly bulletin.

According to the same source, the official reserve assets stood at 369.4 billion dirhams (MMDH) as of January 24, up 0.3% from the previous week and 4.2% year-on-year.

Regarding the volume of Bank Al-Maghrib’s interventions, it amounted to an average of 136.9 MMDH per day during the week of January 23 to 29. It is divided between 7-day advances for an amount of 55.1 MMDH, as well as longer-term repurchase agreements (51.3 MMDH) and guaranteed loans (30.5 MMDH).

On the interbank market, the average daily trading volume was 3.4 MMDH and the interbank rate averaged 2.5%.

During the call for tenders on January 29 (value date January 30), the Bank injected an amount of 59.7 MMDH in the form of 7-day advances.

On the stock market side, the MASI increased by 2.1% from January 23 to 29, bringing its performance since the beginning of the year to 9%. This weekly change reflects in particular the increases of 1.9% for the banking index and 8.8% for the telecommunications index.