Money market: the bank liquidity deficit is easing

The bank liquidity deficit eased by 15.01% to stand at 78.4 billion dirhams (MMDH) from January 12 to 18, according to BMCE Capital Global Research (BKGR).

This situation was established despite the decrease in interventions by Bank Al-Maghrib (BAM), in particular 7-day advances down to 47.8 billion dirhams against 56.6 billion dirhams last week, indicates BKGR in its recent note ” Fixed Income Weekly”.

With regard to Treasury investments, the latter are down with a maximum daily outstanding amount of 2.975 billion dirhams on January 12 against a maximum daily outstanding amount of 3.540 billion dirhams during the previous period.

For its part, the Weighted Average Rate (TMP) stabilized at 2.50% while the MONIA (Editor’s note, Moroccan Overnight Index Average: overnight benchmark monetary index, calculated on the basis of repurchase transactions having as collateral for Treasury bills) fell to 2.41% on Tuesday.

Regarding the outlook, BAM should, over the next period, continue to reduce its intervention in the money market with the injection of 43.6 billion dirhams in the form of 7-day advances against 47.8 billion dirhams the previous week, estimates BKGR.


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