Bank Al-Maghrib (BAM), indicated that during the period from February 23 to March 1, the dirham appreciated by 0.21% once morest the US dollar and remained almost stable once morest the ‘euro.
In its recent weekly bulletin, BAM specifies that during this period, no auction operation was carried out on the foreign exchange market.
As of February 24, 2023, official reserve assets stood at 332.8 billion dirhams (MMDH), virtually stagnating from one week to the next.
During this week, the overall outstanding balance of BAM’s interventions came to 86 billion dirhams, including 39.8 billion dirhams in the form of 7-day advances on call for tenders, 23.4 billion dirhams in long-term repos and 22. 7 billion dirhams of long-term guaranteed loans and 100 million dirhams (MDH) in the form of a foreign exchange swap. On the interbank market, the average daily volume of trade stood at 3.4 billion dirhams and the interbank rate at 2.5% on average during this period.
During the March 1 call for tenders (value date March 2), the Bank injected an amount of 39.9 billion dirhams in the form of 7-day advances.
On the stock market, the MASI rose by 2% during the period from February 23 to March 1, bringing its performance since the beginning of the year to 1.1%. This weekly evolution mainly reflects the improvements in the indices of the distributors sectors by 3.4%, the banks by 3.3% and the food industry by 3%. On the other hand, declines were recorded for chemicals with a rate of 3.2%, for mining with 2.5% and for oil and gas with 0.6%.
As for the overall volume of trade, it stood at 361.6 MDH once morest 696 MDH a week earlier. On the central equity market, the average daily volume amounted to 72.2 MDH following 138.7 MDH.