By Loubna Flah
Morocco World News
Casablanca, August 20, 2013
Morocco’s central bank, Bank Al Maghrib injected MAD 75 billion in the period from the August, 8th and August, 13th according to the Moroccan daily Al Massae.
Bank Al Maghrib had already injected an advance estimated to MAD 55 billion during seven days at an interest estimated to 3% whereas the remaining MAD 14 billion were injected later and MAD 6 billion were injected through a loan operation Guaranteed for three months.
The interest rate which remained stable last week has reached 3% while the volume of exchange is estimated at MAD 1, 6 billion.
Bank Al Maghrib had already offered during the offers session MAD 48 billion with 3% interest rate while the initial amount requested was estimated to MAD 57, 45 billion.
Bank Al Maghrib revealed also that the treasury allotted MAD 3, 7 billion for the initial amount requested estimated at MAD 9, 4 billion during the auction organized on August, 13.
Regarding the stock market performance, the MASI index decreased by 0, 1% while the volume of transactions reached MAD 50, 8 billion instead of MAD 123 billion reached last week.
The MASI index (Moroccan All Shares Index) comprising all listed shares, allows to follow up all listed values and to have a long-term visibility on market transactions.
It is noteworthy that the Moroccan banking sector has been wrestling with liquidity shortage since the beginning of the year. Morocco’s central bank, Bank Al Maghrib had intervened repeatedly to ease the liquidity strain by injecting money to the financial market.
The liquidity crisis was engendered by a massive withdrawal of assets in response to the government intention to levy taxes directly and without a prior notice from taxpayers’ bank accounts.