Money in circulation amounted to more than 400 billion dirhams in the first three months of 2024, an increase of 10.2% compared to the same period a year earlier, according to the note ‘Weekly Hebdo Taux – Fixed Income’ period from April 26 to May 2.
“Currency circulation rose above the 400 billion dirham threshold at the end of March 2024, reaching a new historical high,” AGR indicates in this note, adding that Bank Al-Maghrib (BAM) continues to play its role perfectly in regulating the economy. money market through liquidity injections.
Under these conditions, interbank interest rates remain in line with the policy rate at 3%, the same source said, noting that the MONIA index (Editor’s Note, Moroccan Overnight Index Average: daily reference monetary index, calculated on the basis of repo transactions delivered with Treasury bills as collateral) fell by 3 basis points (bps) to 2.95%.
To this end, BAM’s total weekly intervention amounts to MAD 131.5 billion. The seven-day advances amounted to MAD 47.1 billion, i.e. the entire demand of the banks.
At the same time, long-term transactions remain stable compared to last week at MAD 84.4 billion.
Furthermore, AGR indicates that excess cash investments in government bonds continue the downward pace that started since April 2024, but nevertheless remain at a high level compared to their historical average.
The average outstanding amount was 26.6 billion dirhams, compared to 32.1 billion dirhams last week.
With CARD
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