The bank liquidity deficit eased by -6.1% during the period from January 13 to 19, 2022, to stand at -63.7 billion dirhams (MMDH), on a weekly average, according to BMCE Capital Global Research (BKGR).
This development comes at a time when “Bank Al-Maghrib is slightly increasing its 7-day advances from 28.8 billion dirhams to 30.4 billion dirhams”, indicates BKGR in its recent note “Fixed Income Weekly”.
At the same time, Treasury investments almost doubled from 6.5 billion dirhams to more than 12 billion dirhams, the same source said, noting that the TMP continues to be stable at 1.50% while the Moroccan Overnight Index Average ( MONIA), benchmark monetary index calculated on the basis of repurchase transactions with Treasury bills as collateral, fell to 1.427%.
Over the next period, the Central Bank should continue to increase its monetary system with the issuance of 34.1 billion dirhams, in the form of a 7-day advance, up by 3.7 billion dirhams compared to the previous week, forecasts BKGR .