Moroccan Dirham Strengthens Against Euro, Official Reserves at 357 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 May 5, 2023, the outstanding official reserve assets stood at 357 billion dirhams (MMDH), down 0.4% from the previous week and up 8.7% year-on-year.

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BAM reports that an amount of 78 MMDH was injected, including 36.2 MMDH in the form of 7-day advances on call for tenders and 21.2 MMDH in outstanding long-term repurchase agreements and 20.6 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 3.5 MMDH. As for the interbank rate, it stood at an average of 3%. During the call for tenders on May 10 (value date May 11), the Bank injected an amount of 38.2 MMDH in the form of 7-day advances.

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On the stock market, the MASI depreciated by 0.7%, bringing its underperformance since the beginning of the year to 2.2%. This weekly change is explained by the increases in the indices of the agri-food sectors of 1.5%, the building and construction materials of 2.5% and the oil and gas of 3.4%. Conversely, those relating to the real estate investment companies and banking sectors decreased by 3.4% and 0.2% respectively.

The overall trading volume amounted to 299.1 million dirhams (MDH) against 1.3 MMDH a week earlier.