The new index, Monia, aims to enhance the transparency of money market operations and its deepening through the development of a broader set of products and instruments for financial sector players, Bank Al-Maghrib said in a statement. It is also in line with international developments, in particular the introduction of risk-free reference rates, he said.
The Monia index is thus calculated on the basis of repurchase agreements using Treasury bills as collateral. The terms of reference for the calculation of this index will be published on Bank Al-Maghrib’s Internet portal.
This new index has been set up as part of a concerted approach between all money market participants, in particular the Ministry of the Economy and Finance, Bank Al-Maghrib, the Moroccan Capital Markets Authority, the Association of Moroccan Management Companies and Investment Funds, the main Moroccan banks and the European Bank for Reconstruction and Development (EBRD).