The bank liquidity deficit eased to 60.3 billion dirhams (MMDH) at the end of March 2023, down 6.4 billion dirhams compared to the same period in 2022, according to Attijari Global Research (AGR).
This deficit had exceeded 85 billion dirhams in January 2023, recalls AGR in its recent “Hebdo Rate-Fixed Income” note, covering the week from April 7 to 13.
In addition, AGR points out that Bank Al-Maghrib (BAM) continues to regulate the money market through its injections of liquidity, making it possible to maintain the Interbank Rates at the level of the Key Rate, adding that the MONIA index (Moroccan Overnight Index Average : benchmark overnight monetary index, calculated on the basis of repo transactions with treasury bills as collateral) stands at an average level of 2.92%, slightly above its average for the previous week , or 2.90%.
BAM slightly increased its weekly intervention through its 7-day advances. These amounted to 44.3 billion dirhams at the end of this week, up 860 million dirhams (MDH) in one week. Interventions over LT remained stable at 34.0 billion dirhams.
For its part, the Treasury is continuing to increase its investment of cash surpluses. After exceeding an average of 45 billion dirhams over the past two months, the average outstanding amount of unsecured and reverse repurchase investments stood at 46.4 billion dirhams during this week, up +6.6 MMDH during the same period.
