Moroccan Dirham Strengthens Against Dollar, Slips Versus Euro in Early December

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 2, 2022, the outstanding official reserve assets stood at 344.7 billion dirhams (MMDH), up 1% from the previous week and 6.9% year-on-year.

The central bank reports that an amount of 89.6 MMDH was injected, including 42.1 MMDH in the form of 7-day advances on call for tenders and 22.1 MMDH in the form of long-term repurchase agreements and 25.5 MMDH the amount of long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 3.1 MMDH. As for the interbank rate, it stood at an average of 2%.

On the stock market, the MASI appreciated by 3.5%, bringing its underperformance since the beginning of the year to 15.5%. This development is mainly explained by the increases in the sectoral indices of "telecommunications" by 7%, "buildings and construction materials" by 5.1% and banks by 2.2%. On the other hand, those of the insurance sector and the "oil and gas" sector decreased by 2.1% and 1.9% respectively.

As for the overall trading volume, it amounted to 4.5 MMDH, including 4.2 MMDH on the block market, after 517.5 MDH the previous week. As for the average daily volume on the central equity market, it stood at 57 MDH against 63.1 MDH the previous week.