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Rabat – Bank Al-Maghrib has injected MAD 40 billion into the money market in the form of seven-day cash advances during the week of November 16 to 22, according to the latest weekly indicators from the Moroccan central bank.
Taking into account an amount of MAD 3.2 billion granted under a program providing funding support for SMEs, the total amount of interventions reached MAD 43.2 billion, says Bank Al-Maghrib. The public body also notes that during this period, the interbank rate stood at 2.25 percent and the volume of trade remained almost stable at MAD 3.3 billion.
Bank Al-Maghrib also said that during the call for tenders last Wednesday, an amount of MAD 39Â billion was injected into the money market in the form of seven-day advances. Regarding the auction market, Bank Al-Maghrib notes that the Treasury retained MAD 100 million on a proposed amount of MAD 4.3 billion at the auction of November 21, specifying that the subscriptions were 52-week warrants at a rate of 2.26 percent.
The bank adds in this regard that given the repayments of an amount of MAD 581.4 million during the period of November 23 to 29, the stock of treasury bills should rise next Wednesday to MAD 517.9 billion, up 5.7 percent from the end of 2016.
In addition, Bank Al-Maghrib reports an appreciation of 2.4 percent of net international reserves settling at MAD 236.8 billion by November 17. During the period of this analysis, the central bank reports that the dirham appreciated by 0.3 percent against the euro and depreciated by 0.5 percent against the dollar.
