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By Loubna Flah
Morocco World News
Casablanca, May 29, 2013
Morocco’s central bank Bank al Maghrib announced last Friday that it has pumped MAD 65 billion into the Moroccan financial market in an attempt to mitigate the detrimental effects of liquidity strain.
The interest rate in the banking market has reached 3, 01%, which represents a notable decrease by three points. On the other hand, the volume of the stock exchange reached MAD 1 billion.
During the offer session, Bank al Maghrib offered MAD 47 to stabilize the interest rate at 3%.
Morocco has been wrestling with liquidity shortage since the beginning of the year. Morocco’s central bank, Bank Al Maghrib has intervened repeatedly to ease the liquidity strain by injecting money in the financial market.
The liquidity crisis was engendered by a massive withdrawal of assets in response to the government intention to levy taxes directly and without a prior notice from taxpayers’ bank accounts.
