The interbank market remained balanced during the week of August 7 to 15, according to a report by Attijari Global Research (AGR). The report, titled “Weekly Hebdo Taux – Fixed income,” highlights that interbank rates aligned with the key interest rate at 2.75% during this period.
The Moroccan Overnight Index Average (MONIA), which serves as a benchmark for overnight rates based on Treasury bond-backed repo transactions, saw a noticeable decline of 4 basis points, settling at 2.67% over the week.
In its role as market regulator, Bank Al-Maghrib (BAM) increased its main intervention operations by 3.7 billion dirhams, bringing the total to 61.1 billion dirhams. This marks the highest level of BAM’s interventions in 2023, driven by the rise in cash circulation typically observed during the summer season.
Long-term interventions, including guaranteed loans and repo operations, have remained steady at 83.7 billion dirhams for the past four weeks. Overall, BAM’s total intervention in the money market has reached 144.8 billion dirhams.
Additionally, the Treasury increased its average placements of surplus funds in the money market by 5 billion dirhams in one week. Placements, both with and without repurchase agreements, rose to 17.8 billion dirhams, up from 12.7 billion dirhams the previous week.
