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Bank demand for liquidity on the money market was fully satisfied via the interventions of Bank Al-Maghrib (BAM) during the week from 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 interventionism of the Central Bank through its main and longer term operations. These amount to 112 billion dirhams (billion dirhams) against 104 billion dirhams a week earlier, thus satisfying the entire bank demand in liquidity ”, specifies the same source. Said note also highlights that the weighted average rate (PMR) remains in line with the key rate at 1.5%, while the MONIA rates (Moroccan Overnight Index Average), which are weighted average rates of repo transactions delivered, edged up 2 basis points to 1.43% in one week.
In more detail, the 7-day advances appreciate at MAD 47.5 billion, while the longer-term injections of BAM remain stable on the money market. In fact, repurchase agreements, guaranteed loans and foreign exchange swaps amounted to MAD 64.8 billion. As for cash surpluses, Treasury investments with repurchase agreements and blanks fell sharply this week. These stood at 9.4 billion dirhams against 11.3 billion dirhams a week earlier.
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