Banks: the liquidity deficit reduces to 120.4 billion dirhams (BKGR) – Media7

Media7 November 24, 2023

Banques : le déficit de liquidité s’allège à 120,4 MMDH (BKGR)

The average bank liquidity deficit reduced by 2.55% to 120.4 billion dirhams (billion dirhams), according to the “Fixed Income Weekly” note from BMCE Capital Global Research (BKGR) which covers the period from November 16 to 22.

This deficit comes at a time when the 7-day advances from the Central Bank decrease by 730 million dirhams (MDH) to stand at 40 billion dirhams, BKGR reports.

At the same time, Treasury investments are on the rise with a maximum daily outstanding amount of MAD 23.9 billion from November 17 to 19, compared to a maximum daily outstanding amount of MAD 26.1 billion the previous period, notes the same source.

Under these conditions, the weighted average rate stabilizes at 3%, while the MONIA (Moroccan Overnight Index Average: day-to-day reference monetary index, calculated on the basis of repo transactions delivered with Treasury bills as collateral) falls to 2.893%.

Over the next period, Bank Al-Maghrib should increase its rate of intervention in the money market with the injection of 44.6 billion dirhams in the form of 7-day advances compared to 40 billion dirhams last week.