The “Weekly Hebdo Taux – Fixed Income” note, issued by the Commercial Center for Research (AGR), for the period between December 1 and 7, stated that the Bank of Morocco increased its interventions in the money market to 121.7 billion dirhams.
The Center explained, in this memorandum, that “the end-of-year period is generally characterized by very important cash circulation. Under these circumstances, the banks’ liquidity deficit worsens slightly, but is fully compensated thanks to the interventions of the Bank of Morocco in the money market. Thus, as an ideal regulator For liquidity in the money market, Bank Al-Maghrib intervened this week through its main long-term operations with a value of 121.7 billion dirhams, an increase of 3.5 billion dirhams compared to last week.
The same source added that this increase only concerned advances for a period of 7 days, for the second week in a row, indicating that long-term operations, that is, repurchase operations, guaranteed loans, and exchange swaps, remained unchanged during this week, with a cumulative amount of 69.6 billion. Dirham.
Under these circumstances, and taking into account the important interventions of the Bank of Morocco in the interbank system, the average interest rate remained in line with the key interest rate set at 3 percent, while the “MONIA” rate (Moroccan average index: monetary reference index for daily measurement calculated on the basis of transactions) increased Repo (delivered with Treasury bonds as collateral), increased by two basis points to 2.95 percent.
In parallel, the treasury maintained its dynamism in the money market through 12 financial investments of its blank surpluses and through repurchase.