The Commercial Center for Research (AGR) stated that exchange reserves are at their highest levels in history, with a record of more than 363 billion dirhams on March 24, 2023.
The Research Center stated in its last note, related to the period between March 31 and April 06, that exchange reserves exceeded 360 billion dirhams for the month of March 2023, thus recording their highest historical levels, benefiting from the last international exit of the treasury, equivalent to 2.5 billion dollars, during last March. These reserves were set at the end of February 2023 at 332.2 billion dirhams.
According to the same source, the interbank market is still maintaining its balance this week through interbank rates in line with the main interest rate of 3 percent.
On the other hand, the research center reported that the “Monia” index (average of the Moroccan index: the monetary reference index for the daily measurement calculated on the basis of repurchase transactions that were delivered with treasury bonds as collateral) recorded a decline equivalent to 4 basis points within a week, with a weekly average of 2.90. percent.
Moreover, Bank Al-Maghrib’s total interventions amounted to 77.4 billion dirhams, registering a decrease of 11.7 billion dirhams in a week. Thus, 7-day advances decreased to 43.4 billion dirhams, compared to 55.1 billion dirhams a week ago.
For its part, long-term operations through secured loans and repurchases delivered have stabilized at the same level since the end of March, i.e. at 34 billion dirhams.
As for the average daily investments of the treasury with repurchase and blank, it was stable at high levels, which amounted to 39.8 billion dirhams, compared to 50.4 billion dirhams a week ago, which reflects the impact of the first part of the corporate tax on the state’s public finances.