Global Economy
Moroccan Banking Liquidity Deficit Eases as Central Bank Interventions Grow
According to BMCE Capital Global Research, Morocco's banking liquidity deficit decreased by 3.6% to 168.1 billion dirhams between April 16-23, 2026. This improvement occurred despite the Bank Al-Maghrib's increased short-term advances, which rose by 13.3 billion dirhams, suggesting a stabilization in the financial system's liquidity conditions.
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The average banking liquidity deficit in Morocco decreased by 3.6% to 168.1 billion dirhams (MMDH) during the period from April 16 to 23, 2026, according to BMCE Capital Global Research (BKGR).
This trend emerged as Bank Al-Maghrib (BAM) increased its 7-day advances by 13.3 MMDH, bringing the total to 70.61 MMDH, as noted in BKGR's recent "Fixed Income Weekly" report.
Meanwhile, the maximum daily balance of Treasury placements declined to 34.6 MMDH, down from 35.8 MMDH in the previous week, the same source reported.
Furthermore, the average weighted rate (TMP) remained stable at 2.25%, while the Moroccan Overnight Index Average (MONIA) decreased to 2.191%.
Looking ahead, BAM is expected to reduce the pace of its interventions in the money market, setting the volume of its 7-day advances at 54.91 MMDH for the upcoming period.
This development in Morocco's banking sector reflects the central bank's careful balancing act in managing liquidity conditions while maintaining monetary policy stability.