Global Economy
Moroccan Banks See Liquidity Gap Narrow by 6.9% in First Week of 2026
The average liquidity shortfall among Moroccan banks fell by 6.89% to 137.7 billion dirhams between Dec 31, 2025 and Jan 7, 2026, according to BMCE Capital Global Research. The central bank’s 7‑day liquidity facilities rose modestly to 70.9 billion dirhams, while Treasury holdings shrank sharply, and the weighted average rate held steady at 2.25%. BKGR notes that Bank Al‑Maghrib is expected to curb its market‑making activity in the coming week, reducing 7‑day advances to about 53.7 billion dirhams.
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Liquidity Gap Narrows
The average liquidity deficit for Moroccan banks decreased by 6.89% during the week ending January 7, 2026, settling at 137.7 billion dirhams (MMDH), according to the latest note from BMCE Capital Global Research (BKGR).
Central Bank Operations
Bank Al‑Maghrib’s 7‑day advances rose by 1.6 MMDH to 70.9 billion dirhams. Treasury placements fell sharply, with the daily exposure dropping to a maximum of 4 billion dirhams from 25.5 billion dirhams the week before.
Rates and Benchmarks
The weighted average rate (TMP) remained steady at 2.25 %, while the Moroccan Overnight Index Average (MONIA) slipped to 2.242 %.
Outlook for the Next Period
BKGR expects Bank Al‑Maghrib to scale back its market‑making activity, setting the 7‑day advance volume at 53.7 billion dirhams, down from 70.9 billion dirhams.