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The decline in banks’ average liquidity deficit eased in the week of January 10-16, with banks’ cash requirements falling by 9.81% to MAD 129.7 billion. This comes at a time when the central bank’s seven-day advances increased by 7.59 million dirhams (MDH) to 45.4 billion dirhams.
At the same time, the Ministry of Finance’s investments recorded a significant decline, recording a maximum daily outstanding amount of MAD 23.4 billion on January 17, 2024, compared to a maximum daily outstanding amount of MAD 39.5 billion in the previous period.
As a result, the weighted average interest rate stabilizes at 3%, while the MONIA (Editor’s Note, Moroccan Overnight Index Average: Overnight Reference Currency Index, calculated based on repo transactions with Treasury Bills as collateral) rises to 2.988%.
Bank Al-Maghrib (BAM) is expected to increase its pace of intervention in the money market next week with the injection of MAD 51.8 billion in the form of 7-day advances.
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