Moroccan Dirham Strengthens Against Euro and Dollar, Central Bank Reports

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of January 6, 2023, the outstanding official reserve assets stood at 333.9 billion dirhams (MMDH), down 0.8% from the previous week and up 1.2% year-on-year, the same source said.

BAM reports that an amount of 101.9 MMDH was injected, including 56.6 MMDH in the form of 7-day advances on call for tenders and 21.5 MMDH in outstanding long-term repurchase agreements and 23.8 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the daily average trading volume stood at 4.6 MMDH. As for the interbank rate, it stood at an average of 2.50%. At the call for tenders on January 12 (value date January 12), the Bank injected an amount of 48.2 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated slightly by 4.4%, thus bringing its underperformance since the beginning of the year to 6.9%. This development is explained by the declines in the indices of the building and construction materials sectors of 4.8%, telecommunications of 4.5% and banks of 4.1%. Conversely, that of "portfolio companies and holdings" increased by 4%.

As for the overall trading volume, it amounted to 549.4 MDH against 1.3 MMDH the previous week. Regarding the average daily volume on the central equity market, it stood at 99.7 MDH after 186.5 MDH the previous week.