According to data compiled by the Central Bank of West African States (BCEAO), the average amount of bids on the weekly auction window recorded a drop of 6.7% in March 2021 compared to the month previous.
The Dakar-based issuing institute notes that bids amounted to 3,334.5 billion FCFA during the period under review against 3,572.4 billion in February 2021, a decline of 237.9 billion FCFA. These auctions have been carried out since March 27, 2020 at a fixed rate, namely the minimum interest rate for tenders which has been reduced from 2.50% to 2.0% as of June 24, 2020.
At the level of the interbank market, the average weekly volume of transactions, all maturities combined, increased by 1.5% to stand at 321.7 billion FCFA in March 2021. The weighted average rate of the said transactions stood at 2.70 %, against 2.81% the previous month. Under the one-week compartment, the average volume of transactions stood at 211 billion FCFA during the month under review, after a value of 186.4 billion FCFA in February. The average interest rate on this window increased to 2.40% in March 2021 against 2.67% the previous month.