Banks’ liquidity needs stood at 60.3 billion dirhams (MMDH) in March 2023 on average weekly, once morest 73.9 billion dirhams a month earlier, according to Bank Al-Maghrib (BAM).
This development is related to the increase in the Bank’s foreign exchange reserves, mainly induced by the issue of the Treasury on the international financial market, indicates BAM in its recent monthly review of the economic, monetary and financial situation.
In this context, BAM reduced its injections to 73.8 billion dirhams, including in particular 32.8 billion dirhams in the form of 7-day advances, 20.6 billion dirhams through long-term repo transactions and 20.3 billion dirhams in the framework of long-term guaranteed loans, underlines the same source.
On the interbank market, the average daily volume of trade amounted to 3.5 billion dirhams in March and the weighted average rate stood at 2.66% on average, BAM said, noting that this level includes the effect of the Bank Board’s decision to raise the key rate by 50 basis points (bp) taken on March 21, 2023.
On the other markets, Treasury bill rates continued to rise in March for medium and long maturities, while those on short-term bills remained almost stable. In particular, on the secondary market, rates increased by an average of 4 bp for medium maturities and 23 bp for long-term maturities.
As for deposit rates, they rose in February by 10 bp to 2.38% for 6-month deposits and fell by 25 bp to 2.62% for those at one year.
