Bank Al-Maghrib's Enhanced Support
During the period from January 15 to 22, Bank Al-Maghrib intensified its support for the money market. The 7-day advances surged by 4.1 billion dirhams, reaching a total of 57.8 billion dirhams.
Increase in Treasury Placements
Concurrently, Treasury placements experienced an upward trend. The maximum daily balance climbed to 12.2 billion dirhams, compared to 8.7 billion dirhams in the previous period, reflecting a more significant engagement from the Treasury in the money market.
Stable Interest Rate Environment
In terms of interest rates, conditions remained largely stable. The weighted average rate (Taux Moyen Pondéré - TMP) held steady at 2.25%, consistent with the benchmark rate. Meanwhile, the Moroccan Overnight Index Average (MONIA) experienced a slight decline to 2.224%, indicating a controlled equilibrium in the interbank market.
Anticipated Reduction in Interventions
Looking ahead, Bank Al-Maghrib is expected to scale back the frequency of its interventions. Projections suggest that the volume of 7-day advances will be reduced to 52.2 billion dirhams, down from the previous 57.8 billion dirhams, according to forecasts from BKGR.
