BMCE Capital Global Research (BKGR) has published new data on bank liquidity in Morocco. According to the Central Bank, the deficit widened during the previous week by 2.3%, compared to its level a week earlier.

The Central Bank has chosen to reduce its 7-day advances to 35.87 billion dirhams (MMDH), a drop of 8% from one week to the next. According to the last monetary and bond letter of the BKGR, it is the Treasury which filled this deficit by resuming its dynamics of the investments which reached 14 billion dirhams. The document specifies that the balance between supply and demand for liquidity has been maintained, resulting in the stability of the interbank monetary rate at 1.5%. On the primary market, the changes in rates recorded concern a rise in the 2-year line by 0.4 basis points to 1.75% and a fall in the 52-week line by -0.9 bp to 1.56%. With regard to the secondary curve, the two main variations consist of a rise in the 26-week maturity rate by 1.6 bps to 1.47% and a fall in that of the 5-year line by 1 bp to 2, 01%.