Moroccan Dirham Weakens Against Dollar and Euro as Foreign Reserves Rise

During this period, no foreign exchange auction was carried out, BAM said in its weekly bulletin. As of September 15, 2023, official reserve assets stood at 357.2 billion dirhams, up 0.5% from the previous week and 4.8% year-on-year, BAM said.

During the week of September 14 to 20, 2023, BAM injected an amount of 38.1 billion dirhams in the form of 7-day advances on call for tenders. Taking into account an outstanding amount of long-term delivered pensions of 41.3 billion and an amount of long-term guaranteed loans of 24.5 billion, the overall outstanding amount of interventions stands at 103.9 billion dirhams.

On the interbank market, the average daily trading volume was 2.7 billion and the interbank rate averaged 3%.

At the September 20 call for tenders (value date September 21), the Bank injected an amount of 31.9 billion dirhams in the form of 7-day advances.

On the stock market, the MASI gained 0.3%, bringing its performance since the beginning of the year to 9.8%.

This weekly change mainly reflects the increases in the indices of the agri-food sector by 1.4%, banks by 1.7% and "materials, software and computer services" by 1.9%.

On the other hand, those relating to the "buildings and construction materials" and "real estate investment companies" sectors decreased by 2.5% and 2.7% respectively.

As for the overall trading volume, it stood at 594.8 million after 1.1 billion dirhams the previous week.

On the central equity market, the average daily volume amounted to 118.9 million dirhams against 138.1 million.