The bank liquidity deficit narrowed by 0.41% to stand at -79.8 billion dirhams (MMDH) from January 26 to February 01, according to BMCE Capital Global Research (BKGR).
This deficit includes the intervention of the Central Bank on the Market via 2 advances at 24H for a total amount of 3.93 billion dirhams, indicates BKGR in its recent note “Fixed Income Weekly”.
Regarding Treasury investments, the latter are on the rise with a maximum daily outstanding amount of 9.2 billion dirhams as of January 27, the same source said.
For its part, the weighted average rate (TMP) rose slightly to 2.51% while the MONIA (Editor’s note, Moroccan Overnight Index Average: overnight benchmark monetary index, calculated on the basis of repo transactions having as collateral for treasury bills) rose to 2.453%.
Regarding the outlook, Bank Al-Maghrib should, over the next period, increase its intervention in the money market with the injection of 43.2 billion dirhams in the form of 7-day advances against 38.1 billion dirhams the previous week, believes BKGR.