The Money Market in Equilibrium Ahead of the Bank Al-Maghrib Monetary Policy Meeting
The money market operated in equilibrium during the week of February 14 to 20, 2025, in anticipation of the first monetary policy meeting of the year by Bank Al-Maghrib (BAM), according to Attijari Global Research (AGR). This meeting takes place against a backdrop of slightly accelerating inflation, which reached a rate of 2% at the end of January—the highest level in a year—yet remains close to the central bank’s target.
In this context, BAM has reduced its 7-day advances to 60.7 billion dirhams (MMDH), down from 67 MMDH the previous week. Interbank rates remain aligned with the benchmark rate, while MONIA (Moroccan Overnight Index Average) rates have dropped by 1 basis point, now standing at 2.47%.
BAM’s total intervention reached 142.4 MMDH, with 81.7 MMDH of that amount consisting of long-term operations. This intervention includes 47 MMDH in the form of delivered repos, a decrease of 4.3 MMDH compared to the previous week, as well as 34.7 MMDH in secured loans, which increased by the same amount due to the establishment of a new line of 5.2 MMDH and the expiration of another line totaling 914 million dirhams.
Cash surplus placements have slightly decreased but remain above 10 MMDH, with an average outstanding amount of 11.4 MMDH, compared to 12.2 MMDH the previous week.
