The money market remains perfectly balanced during the week from August 25 to 31, according to the recent “Weekly Hebdo Rates – Fixed income” note from Attijari Global Research (AGR).
“As Bank Al-Maghrib’s monetary policy meeting approaches (BAM) which will be held on September 26, the money market remains perfectly balanced”, indicates AGR, noting that it is on the one hand, a TMP (Weighted average rate) on the interbank compartment stable at 3% in line with the policy rate.
On the other hand, the MONIA index (Editor’s note, Moroccan Overnight Index Average: overnight benchmark monetary index, calculated on the basis of repo transactions with Treasury bonds as collateral), benchmark on the repos market , recorded a slight increase of 1 basis point (bp) in one week to 2.93%, the same source said.
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Despite the increase in banking demand under the effect of the back-to-school season, BAM reduced its interventions through its main operations from 5.9 billion dirhams (MMDH) to 32.7 billion dirhams.
In addition, its LT interventions, in the form of guaranteed loans and delivered repos remained unchanged at 65.8 billion dirhams, notes AGR. The Treasury is further reducing the level of average investments of its cash surpluses on the money market to their lowest since the end of June 2023. Indeed, investments with reverse repo and blank did not exceed 17 billion dirhams against 20, 4 billion dirhams a week earlier.