Moroccan Dirham Holds Steady Against Euro, Gains on US Dollar: Bank Al-Maghrib Report

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 14, 2023, the outstanding official reserve assets stood at 360.5 billion dirhams (MMDH), down 0.3% from the previous week and up 9.5% year-on-year.

BAM reports that an amount of 78.3 MMDH was injected, including 44.3 MMDH in the form of 7-day advances on call for tenders and 16.4 MMDH in outstanding long-term repurchase agreements and 17.6 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 4.2 MMDH. As for the interbank rate, it averaged 3%. At the call for tenders on April 19 (value date April 20), the Bank injected an amount of 39.4 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.3%, bringing its underperformance since the beginning of the year to 2.4%. This weekly change is explained by the declines in the indices of the insurance sector by 2%, the real estate investment companies by 1.6% and the banks by 0.3%. Conversely, those related to the building and construction materials and agri-food sectors increased by 2.8% and 1.3% respectively.

As for the overall trading volume, it amounted to 295.5 million dirhams (MDH) compared to 539.3 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 58.5 MDH after 107.8 MDH the previous week.