Stocks Market
Moroccan Banks' Liquidity Needs Surge to MAD 132.3 Billion in August 2026
<p>Moroccan banks saw their average weekly liquidity requirement climb to MAD 132.3 billion in August 2026, up from MAD 125.7 billion in July, according to the Directorate of Studies and Financial Forecasts (DEPF). To bridge this gap, Bank Al-Maghrib (BAM) ramped up its weekly liquidity injections to an average of MAD 150 billion, primarily through 7-day advances, 1-3 month repo operations, and secured lending programs supporting very small, small, and medium enterprises (TPME). Despite the tighter liquidity conditions, the weighted average interbank rate remained anchored at 2.25%, aligned with the key policy rate since March 2025.</p>
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Liquidity Deficit Widens in August
The Moroccan banking sector faced a widening liquidity shortfall in August 2026. According to the latest economic outlook note from the Directorate of Studies and Financial Forecasts (DEPF), the average weekly liquidity need of banks stood at MAD 132.3 billion, marking a notable increase from the MAD 125.7 billion recorded in July.
Bank Al-Maghrib Steps Up Intervention
In response to the deepening deficit, the central bank, Bank Al-Maghrib (BAM), significantly scaled up its liquidity provision. The average weekly injection volume reached MAD 150 billion in August, compared to MAD 144.1 billion the previous month.
The central bank's interventions were diversified across three main instruments:
- 7-day advances: MAD 54.6 billion
- 1-to-3 month repo operations (pensions livrées): MAD 48.1 billion
- Secured loans under TPME support programs: MAD 47.3 billion
Interbank Market Dynamics
Activity on the interbank market slowed slightly. The average volume of interbank transactions dipped by 1.3% month-over-month, settling at MAD 3.3 billion for August.
Crucially, the weighted average overnight interbank rate (TIMPJJ) has exhibited remarkable stability. Since March 20, 2025, the rate has tracked the key policy rate closely, holding steady at an average of 2.25%. This stability signals effective monetary policy transmission and anchored market expectations despite the structural liquidity deficit.