Moroccan Dirham Holds Steady Against Euro, Gains on Dollar as Reserves Rise

No foreign exchange auction was carried out during this period, BAM specifies in its latest weekly indicators bulletin. As of April 10, the outstanding net international reserves stood at 286.3 billion dirhams (MMDH), an increase of 12.2% week-on-week, mainly due to the drawdown on the PLL. As for the year-on-year change, it recorded a 26.7% increase.

The central bank injected a total amount of 86.7 MMDH during the same week, including 20 MMDH in the form of 7-day advances on a call for tenders, 58.6 MMDH in the form of repurchase agreements, 2 MMDH under the TPME financing support program and 6.1 MMDH for foreign exchange swap operations, the bulletin indicates.

The same document reports that the interbank rate averaged 2.01% and the daily trading volume was 4.6 billion dirhams during the same period. And, BAM injected an amount of 20 MMDH in the form of 7-day advances during the call for tenders on April 15 (value date April 16).

The MASI appreciated by 0.13% on the stock market; which brings its underperformance since the beginning of the year to 24.45%. Regarding the weekly change in the benchmark index, it covers in particular declines in the sectoral indices of "banks" of 0.58% and "agri-food" of 1.23% and increases in those of "buildings and construction materials" and "transport services" of 2.44% and 2.95%, respectively.