Moroccan Dirham Holds Steady Against Euro, Gains on US Dollar

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 21, 2023, the outstanding official reserve assets stood at 359.5 billion dirhams (MMDH), down 0.3% from the previous week and up 9.3% year-on-year.

BAM reports that an amount of 72.3 MMDH was injected, including 39.4 MMDH in the form of 7-day advances on call for tenders and 16.4 MMDH in outstanding long-term repurchase agreements and 16.5 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 4.5 MMDH. As for the interbank rate, it stood at 3% on average. At the call for tenders on April 26 (value date April 27), the Bank injected an amount of 40.2 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.1%, bringing its underperformance since the beginning of the year to 2.5%. This weekly change is explained by the declines in the indices of the mining sector by 9.1%, computer hardware, software and services by 1.3% and the agri-food sector by 1.1%. Conversely, those related to the building materials and construction and real estate investment companies sectors increased by 2% and 2.2% respectively.

As for the overall trading volume, it amounted to 196.7 million dirhams (MDH) against 295.5 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 49 MDH after 58.5 MDH the previous week.