Moroccan Dirham Weakens Against Euro and Dollar, Official Reserves Dip

During this period, no adjudication operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of February 10, 2023, the outstanding official reserve assets stood at 332.1 billion dirhams (MMDH), down 1.2% from the previous week and up 0.8% year-on-year, the same source said.

BAM reports that it injected an amount of 80.7 MMDH, including 34 MMDH in the form of 7-day advances on call for tenders and 23.5 MMDH in outstanding long-term repurchase agreements, 21.3 MMDH in long-term guaranteed loans, during the same period.

On the interbank market, the average daily trading volume stood at 4.3 MMDH. As for the interbank rate, it stood at an average of 2.5%. During the call for tenders on February 15 (value date February 16), the bank injected an amount of 44.1 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.9%, bringing its underperformance since the beginning of the year to 1.5%. This development is explained by the declines in the indices of the distribution sector by 2.4% and the building and construction materials sector by 0.7%. Conversely, those of the "oil and gas" and "real estate investment companies" sectors increased by 4.5% and 1.7% respectively.

As for the overall trading volume, it amounted to 442.2 million dirhams against 9.4 MMDH a week earlier. As for the average daily volume on the central equity market, it stood at 88.6 MDH after 106.3 MDH the previous week.