Moroccan Dirham Weakens Against Euro, Gains on Dollar as 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 17, 2023, the outstanding official reserve assets stood at 363.7 billion dirhams (MMDH), up 0.9% from the previous week and 7.4% year-on-year.

BAM reports that an amount of 67.1 MMDH was injected, including 22.3 MMDH in the form of 7-day advances on call for tenders and 23.4 MMDH in outstanding long-term repurchase agreements, 21.3 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 3.7 MMDH. As for the interbank rate, it stood at an average of 2.57%. At the call for tenders on March 22 (value date March 23), the Bank injected an amount of 32.9 MMDH in the form of 7-day advances.

On the stock market, the MASI depreciated by 0.4%, bringing its underperformance since the beginning of the year to 2.5%. This weekly change is explained by the declines in the indices of the oil and gas sectors of 4.5%, beverages of 3.4% and distributors of 0.9%. Conversely, those of building and construction materials and banks increased by 3.3% and 0.8% respectively.

As for the overall trading volume, it amounted to 314.7 MDH against 521.8 MDH the previous week. As for the average daily volume on the central equity market, it stood at 62.9 MDH after 42.2 MDH the previous week.