Moroccan Dirham Weakens Against Euro, Gains on Dollar as Foreign Reserves Rise

During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of March 10, 2023, the outstanding official reserve assets stood at 360.4 billion dirhams (MMDH), up 8.2% from the previous week and 7.3% year-on-year.

BAM reports that an amount of 60.2 MMDH was injected, including 14.2 MMDH in the form of 7-day advances on call for tenders and 23.4 MMDH in outstanding long-term repurchase agreements, 22.4 MMDH in long-term guaranteed loans and 100 million dirhams (MDH) in the form of foreign exchange swaps, during the same period.

On the interbank market, the average daily trading volume stood at 2.8 MMDH. As for the interbank rate, it averaged 2.50%. At the March 15 call for tenders (value date March 16), the Bank injected an amount of 22.3 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 2.1%. This weekly change is explained by the declines in the indices of the banking sector by 0.9%, the "buildings and construction materials" and agri-food sectors by 2.5% each. Conversely, those of the mining and distribution sectors increased by 2.8% and 0.8% respectively.

As for the overall trading volume, it amounted to 521.8 MDH against 437.1 MDH the previous week. Regarding the average daily volume on the central equity market, it stood at 42.2 MDH after 54.7 MDH the previous week.