Gross levies from the Treasury stood at 92.6 billion dirhams (billion dirhams) at the end of August 2021, down 8.2%, year-on-year, according to the economic report for the month of September from the Department of Studies and financial forecasts (DEPF).
In these times when economic operators are starting to feel that liquidity is drying up, the DEPF has just announced what could be good news in this regard, namely the decline in the Treasury’s recourse to the auction market.
This decrease concerned the subscribed volumes of short (-29.8%) and long (-24.7%) maturities, representing respectively 16.2% and 23.3% of the exercises after 21.1% and 28.4% one year earlier, specifies the said DEPF note in its economic report for the month of September.
On the other hand, the volume raised at medium maturities increased by 10.1% to reach MAD 56.1 billion, predominantly raising 60.6% after 50.5% the previous year.
As for Treasury repayments, they increased by 1.8% to 57.3 billion dirhams at the end of August 2021, said the DEPF, noting that the net fundings were down 20.8% to 35.2 billion dirhams. .
In view of these developments, the outstanding amount of Treasury bills issued by auction stood at 636 billion dirhams at the end of August 2021, an increase of 0.6% compared to the end of July 2021 and of 5.9% compared to end of December 2020. The structure of this outstandings remains predominantly long maturities, although their share fell by 2.1 points to 56.4%, ahead of average maturities, the share of which rose by 3.8%. points at 39.8%, noted the note.
The withdrawals, the submissions too
Regarding the volume of bids on the auction market for the month of August, it fell from the previous month by 8.7% to MAD 18.4 billion. Demand was mainly oriented towards medium maturities at 51%, ahead of short maturities (38.7%) and long maturities (10.3%).
Regarding the volume of bids on the auction market for the month of August 2021, it fell by 8.7% compared to the previous month to stand at 18.4 billion dirhams. Demand was mainly oriented towards medium maturities at 51% after 56.3% the previous month, ahead of
short maturities (38.7% after 28.8% in July) and long maturities (10.3% after 14.9% last month).
At the end of the first eight months of 2021, the volume of tenders reached 209 billion dirhams, down 9.7% compared to the end of August 2020. This decline concerned the volumes tendered for short maturities (-17.7% at 61.4 billion dirhams) and long (-33.6% to 34.6 billion dirhams), channeling respectively 29.4% and 16.5% of the volume of submissions after 32.2% and 22.5% the previous year.
In contrast, that of average maturities increased by 7.9% to 113 billion dirhams, representing 54.1% of the volume of submissions against 45.3% a year earlier.