Moroccan Dirham Weakens Against Euro and Dollar as Foreign Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) said, while specifying that as of December 8, 2023, the official reserve assets stood at 357.6 billion dirhams (MMDH), up 0.8% from the previous week and 8.2% year-on-year.

BAL reports that 122 MMDH were injected, including 52.1 MMDH in the form of 7-day advances, 41.6 MMDH in outstanding long-term repurchase agreements and 28.3 MMDH in long-term guaranteed loans, during the same period.

In the interbank market, the average daily trading volume stood at 2.3 MMDH. As for the interbank rate, it averaged 3%. At the call for tenders on December 13 (value date December 14), the Bank injected an amount of 46.7 MMDH in the form of 7-day advances.

On the stock market, the MASI appreciated by 3%, bringing its performance since the beginning of the year to 13%. This weekly development is explained by the increases in the indices of the banking sector by 2.2%, "buildings and construction materials" by 4.7%, and electricity by 6.9%.

Conversely, those of the distribution and "forestry and paper" sectors decreased by 0.9% and 1.2% respectively.

As for the weekly trading volume, it amounted to 1.4 MMDH against 6.8 MMDH the previous week, including 898 million dirhams (MDH) on the central equity market and 463 MDH on the block market.