Stocks Market
Morocco’s Banking Liquidity Gap Expands to 143.3 bn MAD in First Week of February 2026
Banking liquidity in Morocco tightened further during the week of 5‑12 February 2026. The average liquidity deficit rose 3.63% to reach 143.3 billion dirhams (MMDH), according to BMCE Capital Global Research (BKGR). At the same time, Bank Al‑Maghrib’s 7‑day advances jumped by 10.3 bn MAD to 60.6 bn MAD, while Treasury placements hit a daily peak of 11.5 bn MAD. The weighted average rate slipped to 2.25% and the MONIA (Moroccan Overnight Index Average) fell to 2.21%. BKGR expects the central bank to scale back its market‑money operations in the coming period, targeting 7‑day advances of 55.2 bn MAD.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Liquidity Deficit Expands in Early February
The average banking liquidity shortfall in Morocco widened to 143.3 billion dirhams, a rise of 3.63 % over the period from 5‑12 February 2026, according to BMCE Capital Global Research (BKGR).
Central Bank Liquidity Operations
Bank Al‑Maghrib’s 7‑day advances surged by 10.3 bn MAD, reaching a total of 60.6 bn MAD. This increase reflects the central bank’s ongoing effort to manage short‑term funding pressures.
Government Treasury Placement Activity
Daily Treasury placements climbed to a peak of 11.5 bn MAD**, up from **9.4 bn MAD** the week before, indicating heightened demand for government securities.
Interest‑Rate Benchmarks
- Weighted average rate (WARR) slipped to 2.25 %.
- MONIA (Moroccan Overnight Index Average) fell to 2.21 %.
Outlook for the Next Period
BKGR forecasts that Bank Al‑Maghrib will temper its market‑money interventions, lowering the 7‑day advance target to 55.2 bn MAD in the upcoming week.