2023-08-05 15:39:30
The amount of Bank Al Maghrib (BAM) injections reached 93 billion dirhams (MMDH), on a daily average in 2022 instead of 83 billion dirhams in 2021, according to the 10th annual report on financial stability, published by BAM, the Insurance and Social Welfare Supervisory Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC).
This increase is combined with tensions on liquidity which have increased overall during the year 2022, mainly in relation to the increase in fiduciary money, explains the report, noting that the rate of the compulsory reserve is maintained at 0%. since June 2020.
On the unsecured interbank money market, whose volume is structurally low, the average daily outstanding amount of transactions increased by nearly 16%, to 8.9 billion dirhams for the year 2022, against 7.6 billion dirhams at the end of 2021, says the same source.
Day-to-day transactions, representing nearly 45% of the volumes traded on this market, fell by 2.1% from one year to the next, settling at 3.9 billion dirhams, while the average daily volume of futures transactions increased by 36.2%, reaching nearly 5 billion dirhams.
As regards the average duration of BAM interventions, it fell for the year 2022 and stood at 2.8 months in 2022 against nearly 4 months in 2021. This contraction is explained mainly by the increase in the volume of weekly refinancing operations with the central bank, in connection with the tightening of bank liquidity.
Furthermore, the weighted average rate (TMP) on the unsecured overnight interbank market stood at 1.6% on average during 2022, in a context of increased bank interventions. central bank and the recorded increase in volumes traded on the interbank money market.
Overnight interest rates have been close to the policy rate throughout 2022, with an average spread of 0.3 basis points (bps), the report said, adding that the maximum and minimum interest rates observed during the same day on the unsecured interbank market averaged 1.643% and 1.758% respectively, with an average spread of 1.5 bps.
As regards the MONIA index (Moroccan Overnight Index Average) which represents the weighted average rate of overnight repo transactions (Repo JJ rate), it stood at 1.58% on a daily average against 1 .42% in 2021.
The rate spreads between unsecured money market funding and the collateralized market stood at 7 bps, slightly down on the previous year (8 bps).
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