The need for liquidity at 63.3 billion dirhams in April

The banks’ liquidity requirement increased slightly to an average of 63.3 billion dirhams (billion dirhams) last April, after 61.2 billion dirhams a month earlier, according to the Department of Studies and Financial Forecasts (DEPF). ).

This development is related, in particular, to the increase in currency circulation, explains the DEPF in its recent economic report, adding that Bank Al-Maghrib (BAM) increased the volume of its liquidity injections to 73.7 billion dirhams after 72.2 billion dirhams the previous month.

The interventions of the Central Bank focused on 7-day advances on tenders (30 billion dirhams), guaranteed loans (28.7 billion dirhams) and repo operations (15 billion dirhams), specifies the same source.

As for the weighted average day-to-day interbank rate (TIMPJJ), it maintains its movement almost stable at the level of the key rate of 1.5%. On a monthly average, it has still stagnated at 1.5% since July 2020.

Regarding the average volume of interbank transactions, it increased compared to March 2021 by 4.3% to reach MAD 4.3 billion. For lending rates, the overall weighted average rate recorded a slight increase, quarter on quarter, for the second consecutive quarter, or +3 basis points (bps) to 4.45% in the first quarter of 2021.

This increase concerned the rates of equipment loans (+7 bps to 4.28%) and consumer (+10 bps to 6.5%), while the decrease concerned those of cash loans (- 2 bps to 4.1%) and real estate (-17 bps to 4.74%).

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