Bank demand for liquidity on the money market was fully met through the interventions of Al-Maghrib Bank (BAM) in the week of November 27 to December 03, notes Attijari Global Research (AGR) in its weekly note “Weekly Weekly Rate ”.
“The money market remains balanced this week due to the increased intervention of the Central Bank through its main operations and longer term. These equate to 112 billion dirhams (billion dirhams) versus 104 billion dirhams a week earlier, thus meeting the entire bank demand in liquidity ”, notes the same source. A stated note also highlights the fact that the weighted average rate (PMR) stays at the key rate at 1.5%, while the MONIA (Moroccan Overnight Index Average) rates, which are rates weighted average of repo transactions delivered, edging 2 basis points to 1.43% in one week.
More precisely, the 7-day advances are valued at MAD 47.5 billion, while BAM’s longer-term injections remain stable on the money market. In fact, repurchase agreements, secured loans and foreign exchange swaps were MAD 64.8 billion. In terms of cash surpluses, Treasury investments with repurchase agreements and gaps fell sharply this week. These were 9.4 billion dirhams versus 11.3 billion dirhams a week earlier.