Morocco’s foreign currency reserves drop slightly after the repayment of part of the LPL

On January 8, 2021, the stock of official reserve assets (AOR) showed, from one week to another, a drop of 3.8% to stand at 308.8 billion DH, says the Bank Central, stressing that this development is mainly linked to the early repayment of part of the drawing on the precautionary and liquidity line (LPL) in the amount of 651 million SDR (Special Drawing Rights), i.e. the equivalent of nearly 8.4 billion DH. Year-on-year, AORs grew 22.8%.

From January 7 to 13, BAM injected a total of 81.1 billion dirhams, of which 36.5 billion dirhams in the form of 7-day advances on call for tenders, 15.3 billion dirhams in the form of repo transactions, 24 , 3 billion dirhams in the framework of the financing support programs of the TPME and 5 billion dirhams in respect of foreign exchange swap operations.

On the interbank market, the average daily volume of trade stood at MAD 5 billion and the interbank rate during this period was 1.5% on average, notes the same source, noting that during the call for tenders of January 13 (value date January 14), BAM injected an amount of MAD 32.8 billion in the form of 7-day advances.

On the stock market, the Masi appreciated by 0.4%, reducing its annual underperformance to 0.2%. This trend is due in particular to the increases in the indices of the “buildings and construction materials” sectors by 1.1%, “agrifood” by 0.9% and “banks” by 0.6%. In contrast, the indices relating to the “oil and gas” and “transport services” sectors depreciated by 1.1% and 0.5%.

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As for the overall volume of trade, it stood at 262.7 million dirhams (MDH) against 2.8 billion dirhams a week earlier. On the central equity market, the average daily volume amounted to 65.5 MDH after 80.5 MDH a week earlier.

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