Moroccan Dirham Slips Against Euro, Gains on Dollar as Reserves Dip

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of March 31, 2023, the outstanding official reserve assets stood at 361.2 billion dirhams (MMDH), down 0.6% from the previous week, and up 8.6% year-on-year.

BAM reports that an amount of 89.1 MMDH was injected, including 55.1 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 3 MMDH. As for the interbank rate, it averaged 3%. At the call for tenders on April 5 (value date April 6), the Bank injected an amount of 43.4 MMDH in the form of 7-day advances.

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On the stock market, the MASI depreciated by 0.4%, bringing its underperformance since the beginning of the year to 2.2%. This weekly change is explained by the declines in the insurance, mining and "real estate investment companies" indices of 2.9%, 1% and 0.7% respectively. Conversely, those of the agri-food and real estate sectors increased by 1.1% and 3.3% respectively.

As for the overall trading volume, it amounted to 864.3 million dirhams (MDH) compared to 285.2 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 144.2 MDH after 37.6 MDH the previous week.