The Commercial Research Center reported that the bank liquidity deficit decreased to 60.3 billion dirhams at the end of March 2023, a decrease of 6.4 billion dirhams compared to the same period in 2022.
In its latest note, “Hebdo Taux-Fixed Income,” related to the period between 07 and 13 April, the Research Center stated that this deficit exceeded 85 billion dirhams in January of the year 2023.
On the other hand, the Center indicated that Bank Al-Maghrib continues to regulate the money market by injecting liquidity, which enables the interbank interest rates to be kept in line with the main interest rate, adding that the MONIA index (Moroccan average: the reference monetary index for daily measurement calculated on the basis of Repurchase transactions (delivered with Treasury bills as collateral) reached an average level of 2.92 per cent, slightly above last week’s average of 2.90 per cent.
Bank Al-Maghrib slightly increased its weekly interventions through 7-day advances. Which amounted to 44.3 billion dirhams at the end of this week, an increase of 860 million dirhams during the week. Interventions over a longer period remained stable at around 34 billion dirhams.
For its part, the treasury continued the upward pace of investments of its surpluses. After it exceeded an average of 45 billion dirhams during the last two months, the average current placement in blank and by repurchase amounted to 46.4 billion dirhams during this week, an increase of +6.6 billion dirhams during the same period.