Foreign exchange reserves stood at more than 363 billion dirhams (MMDH) as of March 24, 2023, a historic high, according to Attijari Global Research (AGR).
“Foreign exchange reserves exceeded 360 billion dirhams in March 2023, a historic high, benefiting from the last international Treasury outflow of 2.5 billion dollars last March. These were limited to 332.2 billion dirhams at the end of February 2023”, indicates AGR in its recent Weekly Rate-Fixed Income note, covering the week from March 31 to April 6.
According to the same source, the interbank market remains balanced this week through interbank rates in line with the key rate at 3%.
However, the MONIA index (Moroccan Overnight Index Average: benchmark overnight monetary index, calculated on the basis of repurchase transactions with treasury bills as collateral) fell by 4 basis points in one week to a weekly average of 2.90%, notes AGR.
In addition, Bank Al-Maghrib (BAM) intervenes on the money market to the tune of 77.4 billion dirhams, down 11.7 billion dirhams in one week. Indeed, 7-day advances fell to 43.4 billion dirhams against 55.1 billion dirhams a week earlier.
Long-term transactions through guaranteed loans and repos have stabilized at the same level since the end of March, at 34 billion dirhams.
With regard to average daily Treasury investments with reverse repo and unsecured, they remain at high levels. These amounted to 39.8 billion dirhams against 50.4 billion dirhams a week earlier, reflecting the effect of the first installment of corporate tax on the state’s public finances.