The bank liquidity deficit widened by 1.43% to 84.9 billion dirhams (MMDH), on a weekly average during the week from April 28 to May 04, according to BMCE Capital Global Research (BKGR) .
The 7-day advances of Bank Al-Maghrib (BAM) increased by 9.66 billion dirhams to stand at 48.95 billion dirhams, indicates BKGR in its recent note “Fixed Income Weekly”.
For their part, Treasury investments seem to have increased slightly as indicated by the maximum daily outstanding amount which stood at 603 billion dirhams on April 29, against a maximum daily outstanding amount of 12.9 billion dirhams during the previous period.
The weighted average rate (TMP) was stable at 1.5% while the MONIA (Editor’s note, Moroccan Overnight Index Average: overnight benchmark monetary index, calculated on the basis of repo transactions having as collateral the bonds of the Treasury) was slightly down at 1.465%, against 1.468% at the end of the previous period.
Over the next period, BAM should reduce its intervention on the money market with the injection of 46.8 billion dirhams in the form of 7-day advances against 48.95 billion dirhams the previous week.