Moroccan Dirham Weakens Against Euro and Dollar, Central Bank Reports

During this period, no foreign exchange auction was carried out, Bank Al-Maghrib (BAM) indicates, while specifying that as of January 27, 2023, the outstanding official reserve assets stood at 334.6 billion dirhams (MMDH), stable from one week to the next and up 1.3% year-on-year, the same source said.

BAM reports that an amount of 85.4 MMDH was injected, including 38.1 MMDH in the form of 7-day advances on call for tenders and 23.5 MMDH in outstanding long-term repurchase agreements and 23.2 MMDH in long-term guaranteed loans and 3.9 MMDH in the form of 24-hour advances, during the same period.

A call for tenders for structural operations to purchase Treasury bills on the secondary market was organized on January 30, 2023 by the central bank. The operation recorded a total demand of nearly 228 million dirhams (MDH), fully satisfied by BAM, and covered Treasury bills with an average maturity of 4 months at an average rate of 3.06%.

On the interbank market, the average daily trading volume stood at 6.7 MMDH. As for the interbank rate, it stood at an average of 2.50%. At the call for tenders on February 1 (value date February 2), the bank injected an amount of 43.2 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.7%, bringing its underperformance since the beginning of the year to 4.7%. This development is explained by the declines in the indices of the oil and gas sectors by 3.4%, of the building and construction materials (-2.7%) and of the banks (-0.4%). Conversely, those of real estate and health increased by 3.5% each.

As for the overall trading volume, it amounted to 562 MDH against 276.3 MDH the previous week. As for the average daily volume on the central equity market, it stood at 71.3 MDH after 40.1 MDH the previous week.