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Tunisia: Bank liquidity needs down in February 2021

Bank liquidity needs have decreased in February 2021 to 8361 MD, after 8620 MD the previous month and 10 757 MD a year earlier, according to a note on economic and monetary developments/April 2021, published by the Central Bank of Tunisia.

This relative decrease was favored mainly, by the expansive effect exerted by the bank notes and coins in circulation (return of 365 MD of bills to the banking system). Therefore, the global refinancing volume went down from 8 718 MD in January 2021 to 8 404 MD, in February 2021.

The interventions of the Central Bank on the money market stood, on average, at 8198 MD in February 2021, after 8258 MD in January, under the effect of the fall of the operations of injection of liquidity (36 MD after 232 MD in January 2021) and the firm purchases of Treasury bills (3146 MD after 3215 MD).

On the other hand, the main refinancing operations saw a monthly increase of 100 MD, in February 2021 to 4061 MD.

Moreover, the 1-month refinancing operations increased to 763 MD in February 2021, against 658 MD last January.

On the other hand, the recourse of banks to the 24H loan facility decreased in February 2021 to 496 MD, after having reached 661 MD the previous month.

The average interest rate of the money market (MMR) saw an increase of 8 basis points in February 2021, compared to the previous month, to 6,23%.

As a result, it came close to the policy rate of 6.25%. The weighted average rate (WAR) of the main refinancing operations increased by 2 bps (basis points), compared to the previous month, to 6.30% in February 2021.

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