Moroccan Dirham Holds Steady Against Euro, Slips vs Dollar as Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of February 17, 2023, the outstanding official reserve assets stood at 333 billion dirhams (MMDH), up 0.3% from the previous week and 0.1% year-on-year.

BAM reports that an amount of 90.8 MMDH was injected, including 44.1 MMDH in the form of 7-day advances on tender and 23.5 MMDH in outstanding long-term repurchase agreements and 23.2 MMDH in long-term guaranteed loans, 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 tender on February 22 (value date February 23), the Bank injected an amount of 39.8 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.7%, thus reducing its underperformance since the beginning of the year to 0.9%. This development is explained by the increases in the indices of the insurance sectors of 6.3%, banks of 3.8% and mines of 3.6%. Conversely, those of agri-food, beverages and oil and gas fell by 2.8%, 2% and 0.9% respectively.

As for the overall trading volume, it amounted to 696 MDH against 444.2 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 138.7 MDH after 88.6 MDH the previous week.