Moroccan Dirham Slips Against Euro, Gains on Dollar Amid Reserve Fluctuations

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of December 9, 2022, the outstanding official reserve assets stood at 330.4 billion dirhams (MMDH), down 4.2% from the previous week, mainly due to the repayment of government debt, the same source said.

BAM reports that an amount of 99.6 MMDH was injected, including 52 MMDH in the form of 7-day advances on call for tenders and 22.1 MMDH in outstanding long-term repurchase agreements and 25.5 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 5 MMDH. As for the interbank rate, it stood at an average of 2%. At the call for tenders on December 14 (value date December 15), the central bank injected 57.9 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.2%, bringing its underperformance since the beginning of the year to 15.6%. This development is explained by the declines in the indices of the distribution sectors by 4.7%, telecommunications by 3.8% and computer hardware, software and services by 2.3%. Conversely, those of insurance and agri-food increased by 5.8% and 3.8% respectively.

As for the overall trading volume, it amounted to 2.3 MMDH after 4.5 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 145 MDH against 285.1 MDH the previous week.

The central bank also reports that the Aktidal company made its stock market debut this week through a capital increase and a sale of shares for a total amount of 1.2 MMDH.