2024-07-27 09:44:25
The money market maintained its balance during the week of July 19 to 25, 2024, according to Attijari Global Research (AGR). In a context marked by inflation control below the target of Bank Al-Maghrib (BAM), which is 2%, inflation was set at 1.8% at the end of June 2024. This brought the six-month average to 1%, compared to 7.9% a year earlier.
The BAM intervened in the money market, offering 7-day advances totaling 59.9 billion dirhams (MMDH), an increase of 1.3 MMDH in one week. Additionally, guaranteed loans rose by 3 MMDH, reaching 34.3 MMDH. Interbank rates remained aligned with the key rate of 2.75%, while MONIA rates fell by 2 basis points, reaching 2.69%.
However, the need for banking liquidity reached a new record at the end of June 2024, amounting to 124.1 MMDH, which is an increase of 40 MMDH in one year. Meanwhile, Treasury deposits in the money market decreased to 12.6 MMDH, down from 18.3 MMDH the previous week.
M.Ba.
The Moroccan money market demonstrated stability during the week of July 19 to July 25, 2024, as indicated by recent reports from Attijari Global Research (AGR). With inflation rates consistently maintained below the Bank Al-Maghrib’s (BAM) target of 2%, the inflation settled at 1.8% by the end of June, leading to a significant decrease in the average semiannual inflation of 1% compared to 7.9% a year earlier. This trend suggests a positive outlook for the economic environment in Morocco, potentially fostering increased investor confidence.
The BAM’s strategic interventions on the money market included 7-day advances totaling 59.9 billion dirhams, reflecting a slight week-over-week increase. Furthermore, guaranteed loans saw a rise to 34.3 billion dirhams, signaling an expansion of lending capabilities within the financial sector. Interbank rates remained consistent with the BAM’s benchmark of 2.75%, although MONIA rates experienced a minor decline to 2.69%. This stability in interbank lending rates is crucial as it ensures consistent liquidity among financial institutions, promoting an effective monetary policy execution.
Despite these positive indicators, the liquidity requirements in the banking sector reached a new peak of 124.1 billion dirhams by the end of June 2024, showing a significant year-on-year increase of 40 billion dirhams. This surge in liquidity needs highlights potential vulnerabilities within the banking system and raises questions about future fiscal policies. The diminishing treasury placements in the money market, which dropped to 12.6 billion dirhams from 18.3 billion dirhams, could suggest a shift in government funding strategies or an increased reliance on monetary policy tools to manage liquidity.
Looking ahead, these dynamics present a complex picture for the Moroccan economy. The ongoing balance in the money market, coupled with controlled inflation rates, may encourage further investments both domestically and internationally. However, banks will need to adapt to the rising liquidity demands, potentially prompting a reevaluation of lending practices and monetary policy approaches in the coming months. Monitoring these trends will be essential for stakeholders keen on navigating Morocco’s evolving financial landscape.
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