Global Economy
Moroccan Banks Require DH128.9bn Liquidity in November as Central Bank Holds Rate Steady
In November 2025, Moroccan banks’ weekly liquidity need held steady at DH128.9 billion, barely moving from October’s DH128.1 billion, according to the Direction of Studies and Financial Forecasts (DEPF). The central bank, Bank Al‑Maghrib, injected an average of DH142.5 billion per week, largely through 7‑day advances, 1‑ and 3‑month repo operations and guaranteed loans for SMEs. Interbank transaction volume slipped 4.7% to DH4.3 billion, while the weighted‑average overnight interbank rate stayed near the policy rate of 2.25% after the Monetary Policy Council decided to keep it unchanged.
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Liquidity demand remains flat in November
The Direction of Studies and Financial Forecasts (DEPF) reported that Moroccan banks needed an average weekly liquidity of DH128.9 billion during November 2025, virtually unchanged from the DH128.1 billion recorded in October.
Bank Al‑Maghrib’s liquidity injections
Bank Al‑Maghrib (BAM) supplied liquidity at an average weekly rate of DH142.5 billion, a level almost identical to the DH143.7 billion injected in the previous month. The bulk of these operations consisted of:
- 7‑day advances: DH67.6 billion
- 1‑ and 3‑month repo transactions: DH42.3 billion
- Guaranteed loans for very‑small, small and medium enterprises (VSE‑SME) programmes: DH32.7 billion
Interbank market activity
Average interbank transaction volume fell by 4.7 % compared with October, reaching DH4.3 billion** in November. The weighted‑average overnight interbank rate (TIMPJJ) has remained steady since 20 March 2025, tracking the policy rate at an average of 2.25 %.
Central bank policy decision
At its 16 December 2025 meeting, the Monetary Policy Council confirmed that the current policy rate of 2.25 % remains appropriate and decided to keep it unchanged.
Evolution of borrowing rates
BAM’s third‑quarter 2025 survey shows the overall weighted average borrowing rate essentially unchanged at 4.85 % (up from 4.84 % in Q2). This reflects a mix of movements:
- Equipment loans fell by 34 basis points to 4.49 %.
- Real‑estate loans dropped 8 basis points to 5.05 %.
- Consumer‑credit rates were almost flat at 6.89 %.
- Liquidity‑facility (cash‑advance) rates rose 8 basis points to 4.73 %.