Currency circulation exceeds 400 billion dirhams at the end of March


Cash circulation reached more than 400 billion dirhams during the first three months of 2024, up 10.2% compared to the same period a year earlier, according to the “Weekly Hebdo Taux – Fixed income” note. of Attijari Global Research (AGR) covering the period from April 26 to May 2.

“Currency circulation rose above the threshold of 400 billion dirhams at the end of March 2024, thus reaching a new historic high,” indicates AGR in this note, adding that Bank Al-Maghrib (BAM) continues to play its role perfectly in regulating the money market through its liquidity injections.

Under these conditions, interbank rates remain in line with the key rate at 3%, specifies the same source, noting that the MONIA index (Editor’s note, Moroccan Overnight Index Average: daily reference monetary index, calculated on the basis of repo transactions delivered with Treasury bills as collateral) fell by 3 basis points (bps) to 2.95%.

To this end, BAM’s total weekly intervention amounts to MAD 131.5 billion. 7-day advances reached MAD 47.1 billion, i.e. the entire bank demand.

At the same time, longer-term operations remain stable compared to last week at MAD 84.4 billion.

Furthermore, AGR indicates that investments of Treasury surplus cash continue their downward pace initiated since April 2024, but nevertheless remain at high levels compared to their historical average.

The average outstanding amount was 26.6 billion dirhams, compared to 32.1 billion dirhams last week.

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