Moroccan Dirham Holds Steady Against Euro, Gains on US Dollar

During this period, no foreign exchange auction operation was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of February 24, 2023, the outstanding official reserve assets stood at 332.8 billion dirhams (MMDH), almost stagnant from one week to the next.

BAM reports that an amount of 86 MMDH was injected, including 39.8 MMDH in the form of 7-day advances on call for tenders and 23.4 MMDH in outstanding long-term repurchase agreements, 22.7 MMDH in long-term guaranteed loans and 100 million dirhams (MDH) in the form of foreign exchange swaps, during the same period.

On the interbank market, the average daily trading volume stood at 3.4 MMDH. As for the interbank rate, it stood at an average of 2.50%. At the call for tenders on March 1 (value date March 2), the Bank injected an amount of 39.9 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 2%, bringing its performance since the beginning of the year to 1.1%. This development is explained by the increases in the indices of the distribution sectors of 3.4%, banks of 3.3% and agri-food of 3%. Conversely, those of chemicals, mining and oil and gas fell by 3.2%, 2.5% and 0.6% respectively.

As for the overall trading volume, it amounted to 361.6 MDH against 696 MDH the previous week. As for the average daily volume on the central equity market, it stood at 72.2 MDH after 138.7 MDH the previous week.