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Moroccan Banks Face Record Liquidity Gap of 176.6 Billion MAD as Central Bank Boosts Support
<p>Morocco's banking system is grappling with a widening liquidity shortfall that reached an average of 176.61 billion dirhams between 2 and 9 April 2026, marking a 16% jump in just one week. Bank Al-Maghrib responded by injecting 65 billion dirhams in seven-day advances, while Treasury bill placements also surged, keeping short-term rates stable.</p>
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Morocco's banking sector is feeling the pinch as the average liquidity deficit ballooned to 176.61 billion dirhams during the week of 2–9 April 2026, up 16.14% from the previous seven-day period, according to data compiled by BMCE Capital Global Research (BKGR).
Central bank steps in
To plug the gap, Bank Al-Maghrib raised its seven-day refinancing facility to 65.05 billion dirhams, an increase of 1.82 billion dirhams week-on-week. Analysts read the move as a preemptive effort to keep money-market stress from spilling over into retail lending rates.
T-Bill placements hit new highs
Meanwhile, the Treasury soaked up excess cash by ramping up its short-term bill offerings. Daily outstanding T-Bill placements peaked at 37.8 billion dirhams, compared with 21 billion dirhams the prior week, reflecting strong appetite from banks and institutional investors for sovereign paper.
- The weighted average rate (TMP) on the interbank market stayed flat at 2.25%.
- The MONIA (Moroccan Overnight Index Average) edged up one basis point to 2.244%, signaling stable overnight funding conditions.
Looking ahead
BKGR expects the central bank to dial back its weekly injections slightly, targeting 57.32 billion dirhams in seven-day advances for the coming period. If liquidity tightens further, policymakers could deploy longer-term refinancing operations or cut reserve requirements to support credit growth.