Moroccan Dirham Weakens Against Euro and Dollar, Reserves Remain Stable

During this period, no auction operation was carried out on the foreign exchange market, BAM indicates in its weekly bulletin.

As of December 29, 2023, the official reserve assets stood at 358.9 billion dirhams (MMDH), up 0.1% from the previous week and 6.3% year-on-year, the same source specifies.

BAM’s interventions averaged 122.5 MMDH per day, divided between 7-day advances for an amount of 53 MMDH as well as long-term repurchase agreements and guaranteed loans for outstanding amounts of 42.2 MMDH and 27.4 MMDH respectively.

On the interbank market, the average daily trading volume stood at 2.4 MMDH and the interbank rate averaged 3%.

During the call for tenders on January 10 (value date January 12), the Bank injected an amount of 45.4 MMDH in the form of 7-day advances.

As for the stock market, the MASI appreciated by 2%. This weekly change mainly reflects the increases in the indices of the banking sector by 2.6%, "Buildings and construction materials" by 2.5% and electricity by 8.1%.

As for the weekly trading volume, it fell from 1.7 MMDH to 1 MMDH week-on-week, carried out almost exclusively on the central equity market.