The money market is a market on which the various participants lend and borrow liquidity according to their needs, using short-term securities as a medium. In the WAEMU, money market operations can be carried out either on the initiative of the Central Bank or on the initiative of credit institutions. Interventions initiated by the BCEAO may take the form of open market tenders or direct transactions on the interbank market. Intervention at the initiative of credit institutions takes the form of refinancing operations on the standing facilities (marginal lending facility and special facility) or on the intraday advances facility.