The government intends to release an additional 12 billion dirhams this year to deal with the repercussions of inflation, including 7 billion dirhams to support certain establishments and public enterprises whose financial situation has been impacted by the rise in commodity prices. These announcements have not been made to investors who are wondering how this extension will be financed. “These announcements exacerbate an already tense situation on the interest rate market with in particular a treasury which has been unable to raise funds for two consecutive weeks.“, summarizes an operator.
Rate traders believe that this tug of war between investors and the Treasury will cause a larger than expected rise in primary rates on the Treasury bond market, while a further increase in the key rate in December is a proven risk.
These fears which have not failed to fuel tensions in an already feverish equity market which has been negotiating a fragile rebound for a week. This Wednesday, the Masi thus quickly lost 1% at the close, under the weight of Maroc Telecom and Attijariwafa bank, the first two capitalizations of the market.
The volume on the central market is 58 MDH.
From now on, the eyes of investors are, on the one hand, fixed on the next meeting of the central bank in December as well as on the inflation figures which will be announced by then by the HCP and, on the other hand, on the state of public finances.
