By L’Economiste | 09/18/2024 – 11:06 | Share
The easing of rates is confirmed during the past week a few days before the monetary policy meeting of Bank Al-Maghrib (BAM). This situation occurs in a context of slowing inflation and control of the Treasury Offer in BDT. This has not exceeded an average of 2.7 billion DH per session since the beginning of September, indicates Attijari Global Research (AGR) in its latest Weekly Rates. AGR analysts thus note a drop in rates on the primary and secondary compartments.
Regarding the characteristics of the session, the Treasury subscription stands at 3.5 billion DH, satisfying 30% of the investors’ demand which reached 11.6 billion DH. The latter is among the highest since the beginning of 2024. For its part, the cumulative raising stands at 8.5 billion DH against an announced financing need of 12.3 billion DH for the whole month.
Given the Treasury’s very comfortable budgetary situation combined with the continued decline in profitability requirements in a deflationary environment, AGR analysts are convinced that rates will continue to fall in Morocco during S2-24. (See Budget Focus – July 2024).
