Bank Al-Maghrib (BAM) increased its interventions in the money market, between May 31 and June 6, from 5.2 billion DH to 127 billion DH, through its main financing operations and longer term, according to Attijari Global Research (AGR).
7-day advances thus increased to 42.6 billion DH instead of 37.4 billion DH a week earlier, while BAM’s long-term interventions remained unchanged at the same level compared to last week. , or 84.4 billion DH, note AGR analysts in the latest “Weekly Hebdo Taux – Fixed income” note.
Harmony within the money market remains undisturbed as the Central Bank’s 2nd monetary policy meeting for 2024 approaches, explains AGR. The latter also recalls that the European Central Bank (ECB) has just made the first reduction in its key rate for the first time since July 2022.
Nationally, interbank rates remain in line with the key rate at 3%. However, MONIA (Moroccan Overnight Index Average) rates jumped 3 basis points to 2.96%, compared to 2.93% a week earlier. Furthermore, the Treasury maintained the high pace of its investments in the money market despite a slight deceleration. Thus, the average weekly outstanding amount of blank and reverse repurchase injections stands at 17.4 billion DH compared to 22.7 billion DH a week previously.
