Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves Stable

During this period, no foreign exchange auction operation was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of March 24, 2023, the outstanding official reserve assets stood at 363.2 billion dirhams (MMDH), almost stagnant from one week to the next and up 9.2% year-on-year.

BAM reports that an amount of 66.4 MMDH was injected, including 32.6 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 4.2 MMDH. As for the interbank rate, it stood at an average of 3%. At the call for tenders on March 29 (value date March 30), the Bank injected an amount of 55.1 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 0.7%, bringing its underperformance since the beginning of the year to 1.8%. This weekly change is explained by the increases in the indices of the "portfolio companies / holdings" sector of 7.9%, the "real estate investment companies" sector of 1.5% and the "banks" sector of 0.5%. Conversely, those of building and construction materials and mining fell by 1.7% and 2.3% respectively.

As for the overall trading volume, it amounted to 285.2 MDH against 314.7 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 37.6 MDH after 62.9 MDH the previous week.