the liquidity deficit rises to 134.3 billion dirhams
Économie

the liquidity deficit rises to 134.3 billion dirhams

Liquidity shortage

According to BMCE Capital Global Research (BKGR), banks’ average liquidity shortage increased by 5.18% to 134.3 billion dirhams (billion dirhams) in the week of March 7 to 13.

This shortage comes at a time when the Central Bank’s seven-day advances are falling from 4.66 billion dirhams to 40.8 billion dirhams, BKGR specifies in its recent ‘Fixed Income Weekly’ note.

Investments in government bonds, for their part, are increasing, with a maximum daily outstanding amount of MAD 23.4 billion recorded on March 12, 2024, compared to a maximum daily outstanding amount of MAD 18.8 billion during the previous period.

Read also —» Money markets: liquidity shortage at banks

Under these conditions, the weighted average interest rate stabilizes at 3%, while the MONIA (Editor’s Note, Morocco Overnight Index Average: daily reference monetary index, calculated on the basis of repurchase transactions delivered using Treasury bonds as collateral) fell to 2.965%.

In the coming period, Bank Al-Maghrib should increase its pace of intervention in the money market with the injection of MAD 46.9 billion in the form of seven-day advances, compared to MAD 40.8 billion this week.

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