According to the latest “Weekly Hebdo Taux – Fixed Income” note from Attijari Global Research (AGR) covering the period from December 27 to January 2, the money market maintained its balance, with fiat circulation reaching a record level of 429 billion dirhams (MMDH) at the end of November 2024. Liquid investments also recorded a new historic high at 974 billion MAD. 7-day advances decreased by 12.4 billion dirhams, from 72.6 billion dirhams to 60.2 billion dirhams, while Bank Al-Maghrib kept its long-term injections unchanged, set at 84 billion dirhams.
On the bond market, the Treasury raised more than MAD 7 billion during its first auction session in January, with demand exceeding MAD 12 billion, a record level in five months. The satisfaction rate stood at 58%. This auction led to a drop in yields on long maturities, particularly 10, 20 and 30 years, by 5, 4 and 22 basis points respectively.
However, the secondary curve revealed an upward trend across all bond compartments. This development reflects a contrasting dynamic between the primary and secondary market, requiring continuous observation to anticipate future trends.
AGR analysts estimate that the Treasury could continue its financing without significant pressure on the auction market in the first quarter of 2025. This forecast is based on the current stability of rates and sustained demand in the primary market, thus strengthening confidence in the resilience of the Moroccan financial system.
M.Ba.
Morocco
