The Moroccan dirham rose by 0.36% against the euro and by 0.63% against the US dollar, said Bank Al-Maghrib (BAM) in its weekly note for the period from December 22 to 28, 2022.
BAM further stated that during this period, no auctions were held on the foreign exchange market.
As of 23 December 2022, official reserve assets reached MAD 337.4 billion, up 2.7% week-on-week and 2.2% year-on-year, added the central bank.
During the same week, BAM’s total outstanding interventions amounted to MAD 109 billion, including MAD 63.7 billion in the form of 7-day advances on tender, MAD 21.5 billion in long-term repurchase agreements, and MAD 23.8 billion in long-term guaranteed loans.
On the interbank market, the average daily volume of exchanges was set at MAD 4.3 billion and the interbank rate was fixed at 2.50% on average during this period.
During the call for tenders of 28 December (value date 29 December), the Bank pumped an amount of MAD 69.1 billion in the form of 7-day advances.
During the same period, the MASI rose slightly by 0.1%, maintaining its underperformance since the beginning of the year at 18%.
This weekly evolution follows the increases in the indices of the beverages sector by 11%, electricity by 8.8% and banks by 1.4% as well as decreases in those of the food-processing industry by 2.5%, buildings and building materials by 2.3% and telecommunications by 2.1%, said the same source.
The overall volume of trade amounted to MAD 8.8 billion, of which MAD 5.1 billion were traded on the block market, while the average daily volume reached MAD 729.5 million, up compared to MAD 67.9 million recorded a week earlier, according to the same source.
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