BMCE Capital Global Research (BKGR) indicates that the bank liquidity deficit eased slightly over the past week to settle at -91.7 billion dirhams (MMDH) on average weekly after having settled at -92 .7 billion dirhams a week earlier.

Bank Al-Maghrib (BAM) reduced its 7-day advances by around 510 million dirhams (MDH) to be limited to 38.98 billion dirhams, noted BKGR in its recent monetary and bond letter. At the same time, the Kingdom's Argentier was less dynamic with only 6 investment transactions for an average daily outstanding amount of nearly 6.6 billion dirhams, i.e. a drop of 17.5% compared to its level a week earlier, reports the same source. Maintaining the balance between liquidity supply and demand at the money market level results in a weighted average rate still aligned with the key rate at 1.5%. On the primary market, BKGR notes a “timid” rise in rates, stating that during the last auction session, whose settlement is scheduled for Monday, the Treasury issued more than 2.46 billion dirhams in the form of Treasury bonds. by auction. As for the secondary market, it recorded an overall volume up by 27% to 13.1 billion dirhams, which was mainly concentrated at the level of medium-term maturities (52%).