Moroccan Dirham Strengthens Against Euro and Dollar, Official Reserves at 358.3 Billion
The Moroccan currency appreciated by 0.63% against the euro and 0.64% against the US dollar, during the period from April 27 to May 3. This is specified in the indicators published by Bank Al-Maghrib (BAM).
During this period, no auction operation was carried out on the foreign exchange market, Bank Al-Maghrib (BAM) indicates, while specifying that as of April 28, 2023, the outstanding official reserve assets stood at 358.3 billion dirhams (MMDH), down 0.3% from the previous week and up 8.9% year-on-year.
BAM reports that an amount of 81.9 MMDH was injected, including 40.2 MMDH in the form of 7-day advances on call for tenders and 21.2 MMDH in outstanding long-term repurchase agreements and 20.6 MMDH in long-term guaranteed loans, during the same period.
On the interbank market, the average daily trading volume stood at 4.9 MMDH. As for the interbank rate, it averaged 3%. During the call for tenders on May 3 (value date May 4), the Bank injected an amount of 36.2 MMDH in the form of 7-day advances.
On the stock market, the MASI depreciated by 0.4%, bringing its year-to-date underperformance to 2.9%. This weekly change is explained by the declines in the indices of the "oil and gas" sector of 3.7%, "materials, software and computer services" of 2.3% and "buildings and construction materials" of 0.5%. Conversely, those relating to the "real estate investment companies" and agri-food sectors increased by 3.5% and 1% respectively.
As for the overall trading volume, it amounted to 1.3 MMDH against 196.7 million dirhams (MDH) a week earlier. Regarding the average daily volume on the central equity market, it stood at 323.4 MDH after 49 MDH the previous week.
