Moroccan Dirham Strengthens Against Dollar, Weakens vs Euro in Mid-July

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its recent bulletin of weekly indicators. As of July 14, 2023, the official reserve assets stood at 343.5 billion dirhams (MMDH), up 0.5% from the previous week and 3.7% year-on-year, the same source said.

During the week of July 13 to 19, 2023, the overall outstanding amount of Bank Al-Maghrib’s interventions stands at 104.8 MMDH, including 38 MMDH in the form of 7-day advances on call for tenders, 43.1 MMDH in outstanding long-term repurchase agreements and 23.7 MMDH in long-term guaranteed loans. On the interbank market, the average daily trading volume stood at 3.3 MMDH and the interbank rate averaged 3%.

At the call for tenders on July 20 (same value date), the Bank injected an amount of 30.6 MMDH in the form of 7-day advances.

On the stock market side, the MASI appreciated by 1.3%, bringing its performance since the beginning of the year to 9%. This weekly change mainly reflects the increases in the indices of the electricity sector by 6.6%, the distributors by 3.7% and the banks by 1.2%.