Moroccan Dirham Strengthens Against Euro, Official Reserves at 336.7 Billion

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 30, 2022, the outstanding official reserve assets stood at 336.7 billion dirhams (MMDH), down 0.2% from the previous week and up 1.8% year-on-year, the same source said.

BAM reports that an amount of 114.4 MMDH was injected, including 69.1 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 average daily trading volume stood at 6.6 MMDH. As for the interbank rate, it averaged 2.50%. During the call for tenders on January 4 (value date January 5), the Bank injected an amount of 56.6 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated slightly by 4.7%, thus bringing its underperformance since the beginning of the year to 2.6%. This development is explained by the declines in the indices of the building and construction materials sectors of 6.4%, the agri-food sector of 6.3% and the banks of 4.3%.