Market Disruption Due to Liquidity Tensions
The monetary market faced disruptions this week, primarily due to liquidity pressures within the banking system that emerged at the end of January.
In response, the issuing authority injected more than 8 billion MAD in the form of 24-hour advances over the course of the week.
Interbank Rates Diverge from Benchmark
As a result of these developments, interbank rates have diverged from the benchmark rate, reaching 2.27% this week.
BAM's Monetary Interventions
Additionally, the central bank has engaged in monetary operations amounting to 92 billion MAD through delivered repos and secured loans.
Treasury's Liquidity Position Tightens
Simultaneously, the average volume of liquidity injections, both through blank advances and treasury repos, has decreased this week.
This decline indicates a tightening of the treasury's liquidity position during this period, with the volume settling at 6.8 billion MAD, down from 12.9 billion MAD the previous week.
