Money market: Significant slowdown in treasury investments
The money market is characterized by a significant slowdown in government bonds, emphasizes Attijari Global Research (AGR) in its latest Weekly Rates. LThe Treasury reduced the investment of its surplus cash through reverse repurchase agreements and uncollateralized transactions during the week. According to AGR, these amounted to DH6.5 billion compared to DH8.4 billion last week.
“While Bank Al-Maghrib is meeting banking demand, it is reducing its weekly interventions through its main operations. Consequently, the issuing institution’s liquidity injections amounted to DH137.4 billion. More details: 7-day advances fell from 6.9 billion DH to 53.4 billion DH in a week and those with plus LT stabilized at 84.0 billion DH, and since the end of 2024,” underline the AGR analysts.
Under these conditions, interbank interest rates remain at the level of the key rate at 2.50% and the average of the MONIA index fell by 2 PBS to 2.47%.
At the same time, the foreign exchange reserve situation remains at a high level. At the end of 2024, AORs exceeded DH375 billion, an improvement of 4.6% compared to the end of 2023.
