Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of April 7, 2023, the outstanding official reserve assets stood at 361.5 billion dirhams (MMDH), up 0.1% from the previous week, and 9.8% year-on-year.

BAM reports that an amount of 77.4 MMDH was injected, including 43.4 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 3.3 MMDH. As for the interbank rate, it stood at an average of 3%. During the call for tenders on April 12 (value date April 13), the Bank injected an amount of 43.3 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.1%, bringing its underperformance since the beginning of the year to 2.1%. This weekly change is explained by the increases in the indices of the "real estate investment companies" sector of 1.8% and the "buildings and construction materials" sector of 1.5%. Conversely, those related to the banking and distribution sectors decreased by 0.9% and 2.2% respectively.

As for the overall trading volume, it amounted to 539.3 million dirhams (MDH) against 864.3 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 107.8 MDH after 144.2 MDH the previous week.