Global Economy
Moroccan Money Market Holds Steady Amid Liquidity Support, Jan 9‑15
The Moroccan money market stayed balanced during the week of 9 – 15 January 2026 as the banking liquidity gap eased gradually. Attijari Global Research notes that Bank Al‑Maghrib kept injecting liquidity, while inter‑bank rates remained anchored to the 2.25 % policy rate and the MONIA index held at 2.24 %. Treasury surplus placements more than doubled, further reinforcing system liquidity.
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During the week of 9 – 15 January 2026, Morocco’s money‑market remained in equilibrium despite a gradual easing of the banking liquidity deficit, according to Attijari Global Research (AGR).
Central‑bank liquidity support
Bank Al‑Maghrib (BAM) continued to inject liquidity into the market. Seven‑day advances rose by MAD 4.1 billion, reaching a total of MAD 57.8 billion for the week.
On a longer horizon, the central‑bank’s standard intervention stayed steady at MAD 90 billion for the fifth consecutive week. Cumulative injections now total MAD 147.8 billion, signalling an ongoing accommodative monetary stance.
Interest‑rate environment
Interbank rates held firm at the policy rate of 2.25 %, while the Moroccan Overnight Index Average (MONIA) remained unchanged at 2.24 %, indicating no notable day‑to‑day market stress.
Treasury excess‑fund placements
Government‑treasury surplus placements on the money market more than doubled, surpassing MAD 8 billion. Repo and outright (blanket) placements accounted for MAD 8.6 billion, up from MAD 4 billion the week before, further bolstering system liquidity.
These dynamics illustrate a stable short‑term funding environment, underpinned by continuous central‑bank support and robust treasury participation.