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Moroccan Money Market Liquidity Deficit Holds Steady from Jan 15‑22, 2026
The overall banking liquidity shortfall in Morocco stayed virtually unchanged during the week of 15‑22 January 2026, according to BKGR Fixed Income Weekly. While the average deficit edged up by 0.28 % to MAD 140.3 billion, the central bank boosted its 7‑day refinancing operations and Treasury placements rose, keeping the monetary‑market environment stable. Looking ahead, BKGR expects Bank Al‑Maghrib to trim its 7‑day advances to about MAD 52.2 billion, signalling a modest reduction in direct liquidity support while rates remain anchored at the policy level.
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Liquidity deficit remains flat
The overall banking liquidity deficit in Morocco held steady during the week of Jan 15‑22, 2026, according to BKGR Fixed Income Weekly. The average shortfall widened marginally by 0.28 % to reach a net deficit of MAD 140.3 billion.
Central bank steps up support
Bank Al‑Maghrib increased its 7‑day refinancing operations by MAD 4.1 billion, lifting the total amount advanced to MAD 57.8 billion for the period.
Treasury presence rises
Daily Treasury placements climbed to a peak of MAD 12.2 billion, up from MAD 8.7 billion the week before, signalling a stronger government footprint in the money market.
Rate environment unchanged
The weighted average policy rate stayed at 2.25 %, matching the central bank’s key rate, while the overnight interbank rate (MONIA) slipped slightly to 2.224 %, confirming a well‑balanced interbank market.
Outlook: Slight pull‑back expected
BKGR forecasts that Bank Al‑Maghrib will scale back its 7‑day advances to around MAD 52.2 billion in the next reporting window, indicating a modest easing of liquidity injections.