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 January 20, 2023, the outstanding official reserve assets stood at 334.6 billion dirhams (MMDH), an increase of 1.4% from the previous week and 1.7% year-on-year, the same source said.

BAM reports that an amount of 88.9 MMDH was injected, including 43.6 MMDH in the form of 7-day advances on call for tenders and 23.5 MMDH in outstanding long-term repurchase agreements and 21.8 MMDH in long-term guaranteed loans, during the same period.

A call for tenders for structural operations to purchase Treasury bills on the secondary market was organized on January 23, 2023 by the central bank. The operation recorded a total demand of nearly 200 million dirhams (MDH), fully met by BAM, and covered Treasury bills with an average maturity of 6 months at an average rate of 3.27%.

On the interbank market, the average daily trading volume stood at 5.2 MMDH. As for the interbank rate, it averaged 2.50%. At the call for tenders on January 25 (value date January 26), the Bank injected an amount of 45.9 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.8%, bringing its underperformance since the beginning of the year to 4%. This development is explained by the declines in the insurance, electricity and banking sector indices of 4.9%, 3.6% and 1.6% respectively. Conversely, those of oil and gas and real estate investment companies increased by 5.2% and 2.4% respectively.

As for the overall trading volume, it amounted to 276.3 MDH compared to 579.2 MDH the previous week. As for the average daily volume on the central equity market, it stood at 40.1 MDH after 111.2 MDH the previous week.