By The Economist | 09/28/2024 – 8:22 p.m. | Share
The monetary pause of Bank Al-Maghrib (BAM) decided during its 3rd quarterly meeting was very little expected by the financial market. Indeed, the bond market was already integrating a 2nd successive drop in the TD of -25 PBS in September 2024, recalls Attijari Global Research (AGR) in its latest Weekly Rates. As a result, all bond yields for short maturities practically crossed the threshold of 2.70% downwards on the eve of BAM’s decision, i.e. a level below the current TD at 2.75%. Under these conditions, the downward slide in rates continues during this last auction session of the month of September.
The Treasury Supply of BDT exceeded 2.5 billion DH compared to a Demand for BDT of more than 8.0 billion DH, i.e. a monthly satisfaction rate of 31%. For its part, the cumulative fundraising stands at 12.6 billion DH compared to an announced financing need of 12.3 billion DH for the whole month, i.e. a monthly achievement rate of more than 100% in September 2024, underline AGR analysts. As a reminder, AGR’s central scenario anticipates the continuation of the downward trend in rates between now and the end of the year, supported by the decline in inflation and the maintenance of an accommodating BAM policy through to 2025.
