Global Economy
Moroccan Bank Liquidity Gap Widens to DH146bn in First Week of March
Bank liquidity in Morocco tightened sharply during the week of March 5‑12, with the average deficit climbing to DH146 billion – a 6.55 % rise from the previous week. The central bank’s 7‑day advances rose to DH56.4 billion, while treasury placements fell, indicating a growing strain on short‑term funding. BMCE Capital Global Research (BKGR) expects Bank Al‑Maghrib to step up its market‑intervention tempo, targeting DH60.5 billion of 7‑day advances in the coming period, which could influence liquidity conditions for banks in the medium term.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Liquidity Deficit Expands to DH146 Billion
The average liquidity shortfall across Moroccan banks widened to DH146 billion during the period from March 5 to March 12, 2026 – a 6.55 % increase over the previous week, according to BMCE Capital Global Research (BKGR).
Bank Al‑Maghrib’s 7‑day advances rose by DH3.7 billion, reaching a total of DH56.4 billion. At the same time, Treasury placements slipped to a daily peak of DH6.7 billion from DH7.3 billion the week before.
The weighted average rate (WARR) held steady at 2.25 %, while the Moroccan Overnight Index Average (MONIA) ticked up slightly to 2.24 %.
Outlook: BKGR forecasts that the central bank will boost its market‑intervention pace in the next period, targeting DH60.5 billion in 7‑day advances, up from the current DH56.4 billion.
- Liquidity deficit: DH146 bn (+6.55%)
- 7‑day advances: DH56.4 bn (up DH3.7 bn)
- Treasury placements: DH6.7 bn (down from DH7.3 bn)
- Weighted average rate: 2.25%
- MONIA: 2.24%
- Projected 7‑day advances: DH60.5 bn