Overview of Monetary Market Stability
In its latest report on fixed income, AGR highlights the ongoing stability in the Moroccan monetary market, attributed to the continued liquidity support from Bank Al-Maghrib (BAM).
Liquidity Injections and Market Response
During the week, BAM's seven-day advances increased by 4.1 billion dirhams, bringing the total to 57.8 billion dirhams. Over a longer timeframe, the central bank's intervention has remained steady at 90 billion dirhams for the fifth consecutive week.
Cumulatively, BAM's interventions have reached 147.8 billion dirhams, reflecting a persistently accommodative monetary policy.
Interbank Rates and MONIA Stability
In this environment, interbank rates have remained aligned with the benchmark rate set at 2.25%. The Moroccan Overnight Index Average (MONIA) has also stabilized at 2.24%, indicating no significant tensions in the overnight market.
Increase in Treasury Surplus Placements
Additionally, placements of Treasury surpluses in the monetary market have seen a remarkable increase, more than doubling over the week to exceed 8 billion dirhams.
Specifically, placements involving repurchase agreements and outright transactions reached 8.6 billion dirhams, up from 4 billion dirhams the previous week, further enhancing the liquidity within the financial system.