RABAT, Jan 20 – Morocco’s banking system recorded a deeper liquidity deficit toward the end of 2025, with the average weekly shortfall reaching MAD 135.7 billion in December, according to the central bank’s latest monetary and financial review.
The deficit widened from MAD 129.1 billion in November, highlighting sustained pressure on liquidity conditions across the banking sector.
To address the gap, Bank Al Maghrib increased its intervention measures, raising total liquidity injections to MAD 154.5 billion. Support was provided through multiple instruments, including MAD 72.1 billion in seven day advances, MAD 47 billion through one and three month repurchase agreements, and MAD 35.5 billion via longer term refinancing operations backed by collateral.
Interbank market activity remained moderate during the month. Average daily trading volumes stood at around MAD 6 billion, while the weighted average interbank rate held steady at 2.25%, broadly in line with the central bank’s key policy rate.
Treasury bill yields edged slightly higher in both primary and secondary markets over the period.
Deposit rates declined from November levels. Returns on six month deposits fell by 47 basis points to 2.31%, while one year deposit rates eased by 11 basis points to 2.6%.
The remuneration rate on savings accounts was also revised lower, with Bank Al Maghrib setting the rate at 1.61% for the first half of 2026, down from 1.91% in the second half of 2025.
Lending rates showed limited movement. The central bank’s survey for the third quarter of 2025 indicated that the average lending rate remained broadly stable at 4.85%.
Rates on loans to households declined slightly, with the average easing by 6 basis points to 5.71%. Housing loan rates fell by 4 basis points to 4.64%, while consumer credit rates were largely unchanged at 6.89%.
For non financial companies, average lending rates rose marginally by 2 basis points to 4.74%, reflecting higher rates on short term cash facilities, partly offset by lower rates on equipment loans and property development financing.
Borrowing costs declined for both large firms and very small, small, and medium sized enterprises, pointing to a modest easing in credit conditions across business segments.
