The Central Bank of Morocco announced that it will launch an interbank derivatives market for foreign exchange swaps and Moroccan Overnight Index Average (MONIA) overnight index swaps (OIS) on 19 February 2025. The initiative is positioned as part of the central bank’s work, started in 2018, to deepen the foreign exchange market and to provide a transparent reference for hedging interest-rate and exchange-rate risks. Foreign exchange swaps will be available as transactions combining a spot and a forward exchange of two currencies to help market participants manage exchange-rate exposure with greater flexibility and cost predictability. MONIA OIS will allow counterparties to exchange a fixed rate for a floating rate indexed to MONIA, primarily to hedge short-term interest-rate fluctuations and to derive market expectations for the future path of short-term rates. The market was established with contributions from banks with market-maker status and the European Bank for Reconstruction and Development.
Central Bank of Morocco 2025-02-18
Central Bank of Morocco launches interbank derivatives market for foreign exchange swaps and MONIA overnight index swaps
The Central Bank of Morocco will launch an interbank derivatives market for foreign exchange swaps and Moroccan Overnight Index Average (MONIA) overnight index swaps on 19 February 2025. This initiative aims to deepen the foreign exchange market and provide a transparent reference for hedging interest-rate and exchange-rate risks. The market was developed with input from banks with market-maker status and the European Bank for Reconstruction and Development.