Global Economy
Moroccan Banks Face Record Liquidity Demand of 128.1 Billion Dirhams in October
Moroccan banks saw their weekly average liquidity needs climb to 128.1 billion dirhams in October, up from 123.5 billion dirhams in September. In response, Bank Al‑Maghrib boosted its liquidity injections to an average of 143.7 billion dirhams, focusing on short‑term advances, repo operations and guaranteed loans for MSMEs. Meanwhile, interbank transaction volumes fell 20 % month‑on‑month, while the weighted overnight rate stayed steady at 2.25 %, and overall lending rates were largely unchanged. The mixed movement in loan categories—equipment and real‑estate credit rates dipped, consumer rates held steady, and cash‑flow loan rates rose—paints a nuanced picture of Morocco’s monetary stance as the central bank strives to balance liquidity support with price stability.
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Liquidity Gap Expands in October
The weekly average liquidity requirement of Moroccan banks rose to 128.1 billion dirhams (MMDH) in October, up from 123.5 MMDH in September, according to the Directorate of Studies and Financial Forecasts (DEPF).
Central Bank Steps In
Bank Al‑Maghrib (BAM) responded by increasing its weekly liquidity injections to an average of 143.7 MMDH. The bulk of the operations consisted of:
- 7‑day advances: 67.5 MMDH
- 1‑ and 3‑month repurchase operations: 42.9 MMDH
- Guaranteed loans for micro, small and medium‑size enterprises (MSMEs): 33.2 MMDH
Interbank Activity Slows
Average interbank transaction volume fell 20.4 % month‑on‑month to 4.5 MMDH in October. The weighted average overnight rate (TIMPJJ) has remained steady at 2.25 % since 20 March 2025, tracking the policy rate.
Borrowing Costs Remain Flat
Bank Al‑Maghrib’s quarterly survey shows the overall weighted average lending rate barely changed, moving from 4.84 % in Q2 2025 to 4.85 % in Q3 2025. The slight uptick reflects a mix of movements:
- Equipment loans down 34 basis points to 4.49 %
- Real‑estate loans down 8 bps to 5.05 %
- Consumer loans virtually unchanged at 6.89 %
- Cash‑flow loans up 8 bps to 4.73 %