Global Economy
Morocco's Banking Liquidity Deficit Widens to 152 Billion Dirhams Amid Central Bank Interventions
Morocco's banking sector is facing a deepening liquidity crunch, with the average liquidity deficit rising by 1.87% to 152 billion dirhams (MMDH) during the period from March 26 to April 1, 2026, according to BMCE Capital Global Research. The deficit coincides with increased central bank interventions, as Bank Al-Maghrib's 7-day advances grew to 63.23 MMDH, while Treasury placements surged to a daily peak of 21 MMDH. The weighted average rate remained steady at 2.25%, suggesting stable monetary conditions despite the liquidity pressures.
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Banking Liquidity Deficit Deepens in Morocco
Morocco's banking sector experienced a notable tightening in liquidity conditions during the week of March 26 to April 1, 2026. According to data from BMCE Capital Global Research (BKGR), the average banking liquidity deficit expanded by 1.87% to reach 152 billion dirhams (MMDH), signaling increased pressure on the country's financial institutions.
This liquidity squeeze occurs as Bank Al-Maghrib, Morocco's central bank, ramped up its monetary policy interventions. The 7-day advances from the central bank increased by 0.26 MMDH to settle at 63.23 MMDH, according to BKGR's latest "Fixed Income Weekly" report.
On the Treasury front, government securities placements reached a daily outstanding of 21 MMDH, a significant surge compared to 8.4 MMDH recorded the previous week, indicating heightened demand for short-term government debt.
Regarding key interest rate indicators, the weighted average rate (TMP) remained unchanged at 2.25%, reflecting stable monetary conditions. Meanwhile, the MONIA (Moroccan Overnight Index Average), the overnight reference rate calculated based on pension transactions secured by Treasury bills, declined to 2.111%.
Looking ahead, Bank Al-Maghrib is expected to accelerate its market interventions in the coming period, with 7-day advances projected to reach 65.05 MMDH, suggesting continued central bank support for the banking sector's liquidity needs.