The bank liquidity deficit widened during the previous week, to stand at 76 billion dirhams (MMDH) on a weekly average, according to the monetary and bond letter of BMCE Capital Global Research (BKGR), published on Friday. .
Thus, Bank Al-Maghrib increased its 7-day advances from 480 million dirhams (MDH) to 37.2 billion dirhams at a time when the investments of the Kingdom’s Argentier were more dynamic, standing at 13.1 billion dirhams. in total, explains BKGR.
In these conditions marked by the pursuit of equilibrium in the money market, the TMP remains aligned with the key rate at 1.5%, the same source specifies.
Globally held stable, the primary curve showed an increase in the rate of the 2-year line by +1.4 basis point to 1.7318% and a fall in the rate of the 52-week line of -0.5 bps to 1, 5361%.
On the secondary market, the volume is down -29% to 11.2 billion dirhams, polarized up to 42% by exchanges on CT maturities. Concerning the secondary curve, this one recorded, among its main variations, an increase of +5.2 bps in the rate of the 30-year line to 3.33% and a fall of -12.3 bps in the rates of the line. 13 weeks.
During the next period, the Central Bank is expected to lower its monetary system with the projected issue of 6.86 billion dirhams less in the form of 7-day advances to settle at 30.33 billion dirhams, observes the same source. . Given the absence of pressure on public finances, BKGR believes that “primary rates should remain stable, allowing the Treasury to raise, without hesitation, the remainder of the 12.5 billion dirhams initially planned for this month”.