Bank Al-Maghrib pumps MAD98 billion in a week

Bank Al-Maghrib said that it pumped a total of MAD97.3 billion, during the period from August 4 to 11.

This total includes MAD40 billion in the form of advances for 7-days based on a request for proposals, MAD29.8 billion in the form of buy-back operations, and MAD27.5 billion in the form of programs to support the financing of very small, small, and medium-sized companies.

At the level of the banking market, the same source recorded on the weekly indicators that the average of daily trading volume amounted to MAD2.7 billion during the same period, while the banking rate stabilized at 1.50% on average, pointing out that it pumped an amount of MAD36, 9 billion in advances for 7-days during the call for proposals on August 11 (due date of August 12).

Allocation of advance, which includes MAD40 billion in one-week advances, is granted at a fixed interest rate set by Bank Al-Maghrib at the occasion of each call for tenders of the banks. This rate constitutes the BAM key rate. It can be fully satisfied or partially. In the latter case, advances are granted in proportion to the requests expressed.

Buy-back operations include MAD29.8 billion, as this form is without consequence to keep securities until the expiry date and without effect on the normal amortization schedule. The bonds bought back shall thus only be canceled upon the consent of Bank Al-Maghrib.

The last form, which supports the financing of very small, small, and medium-sized enterprises, includes MAD27.5 billion, following the instructions of King Mohammed VI that aim to support young leaders in their businesses.

Previously, Bank Al-Maghrib pumped a total of MAD100 billion, representing a decrease of MAD2 billion compared to this period.