Money market (January 3-9): Interbank interest rates correspond to the key interest rate

According to Attijari Global Research (AGR), interbank interest rates remain at the level of the key rate at 2.50% in the week from January 3rd to 9th. While meeting banking demand, Bank Al Maghrib (BAM) is reducing its weekly interventions in its main business areas, AGR notes in its latest note “Weekly Hebdo Taux – Fixed Income”.

Consequently, the liquidity injections of the BAM issue amounted to 137.4 billion DH, indicates AGR. More specifically, 7-day advances fell from DH6.9 billion to DH53.4 billion in a week and longer-term (LT) stabilized at DH84 billion, since the end of 2024.

Under these conditions, the average of the MONIA index (Moroccan Overnight Index Average) fell by 2 basis points (Pbs) to 2.47%. At the same time, the foreign exchange reserve situation remains at a high level. Official foreign reserves (AOR) exceeded DH375 billion at the end of 2024, an improvement of 4.6% compared to the end of 2023.

For its part, the Treasury this week reduced investments of its cash surplus through reverse repo and blank. These amounted to DH6.5 billion, compared to DH8.4 billion last week.