2023-07-21 20:23:52
This deficit comes at a time when the 7-day advances of Bank Al-Maghrib (BAM) increased from 460 million dirhams (MDH) to 38 billion dirhams, indicates BKGR in this note.
Treasury investments are down, with a maximum daily outstanding amount of 28.9 billion dirhams as of July 14, against a maximum daily outstanding amount of 34.2 billion dirhams the previous period.
For its part, the weighted average rate stabilized at 3%, while the MONIA (Editor’s note, Moroccan Overnight Index Average: benchmark monetary index on a daily basis, calculated on the basis of repurchase transactions having Treasury bonds as collateral) fell to 2.925%.
Over the next period, BKGR expects the Central Bank to significantly reduce its rate of intervention on the money market with the injection of 30.6 billion dirhams in the form of 7-day advances.
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