Over the second quarter of 2017, Morocco has borrowed a total of 152 billion dirham ($16.2bn) of securities, up 104% compared to 74.1 billion dirham in the previous quarter. This was disclosed by a statement from the Moroccan Authority for Capital Markets.

80% of Securities borrowed in Q2 2017 were bonds from Morocco’s public treasury. Certificates of deposit, bonds, and equity loans represented respectively 9%, 8% and 1.2% of overall loans. The main beneficiaries of the securities were banks (71%) and financial auxiliaries (15%).

It should be noted that the increase in borrowing came with a decrease of the average duration of the transaction for securities loans, for treasury bills mostly. Indeed, it reduced, over the quarter reviewed, from 5 to 2 weeks.

Chamberline Moko