Bank al-Maghrib announced the start of February 19, 2025 from the Interbank Long-Term Market of Exchange Swaps and daily tariff swaps (OIS), which are indexed to the Monia (Moroccan overnight index).
This campaign is part of the deepening of the exchange market, which has been initiated by the central bank since 2018. The establishment of the Interbank runtime market against interest and exchange risks and on the other hand a new impulse for the development of derivative products in Morocco. Note that this market has been set up thanks to the active contribution of banks with market content and the European Reconstruction and Development Bank (BERD).
An Exchange -SWAP is a transaction with which two parties agree to exchange a currency for another currency and then go to an exchange of the opposite direction at a later date. It combines a cash flow transaction with a term Exchange transaction. This instrument enables market participants to effectively manage their exposure to the risk of exchange and at the same time benefit from great flexibility and better costs.
Regarding index. This instrument is mainly used by the financial market players to cover their commitment with short -term interest rates. It also enables market expectations in relation to the future development of short -term interest rates.
