Moroccan Dirham Strengthens Against Euro and Dollar, 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 December 23, 2022, the outstanding official reserve assets stood at 337.4 billion dirhams (MMDH), up 2.7% from the previous week and 2.2% year-on-year, the same source said.

BAM reports that an amount of 109 MMDH was injected, including 63.7 MMDH in the form of 7-day advances on tender 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 average daily trading volume stood at 4.3 MMDH. As for the interbank rate, it stood at an average of 2.50%. At the tender on December 28 (value date December 29), the Bank injected an amount of 69.1 MMDH in the form of 7-day advances.

On the stock market, the MASI rose slightly by 0.1%, thus bringing its underperformance since the beginning of the year to 18%. This development is explained by the increases in the indices of the beverage sector by 11%, electricity by 8.8% and banks by 1.4%. Conversely, those of agri-food, building and construction materials and telecommunications fell by 2.5%, 2.3% and 2.1% respectively.

As for the overall trading volume, it amounted to 8.8 billion, of which 5.1 billion were carried out on the block market. As for the average daily volume on the central equity market, it stood at 729.5 MDH against 67.9 MDH the previous week.