February 2025 brought renewed pressure on the liquidity levels of Moroccan banks. According to the March economic update from the Financial Studies and Forecasting Directorate (DEPF), weekly average liquidity needs climbed to 131.9 billion dirhams—up significantly from 125.5 billion in January.
This increase signals a return to tighter liquidity conditions after a brief period of relief at the start of the year. That earlier improvement was largely driven by a drop in cash circulating outside the banking system, a side effect of the government’s voluntary tax regularization initiative for individuals, which temporarily pushed more money back into formal financial channels.
To counter rising tensions in bank liquidity, Morocco’s central bank, Bank Al-Maghrib, stepped up its support. The institution raised its weekly liquidity injections to 146.1 billion dirhams in February, compared to 140.2 billion the previous month.
The central bank’s goal is to ensure smooth financing flows across the economy, particularly for micro, small, and medium-sized businesses that are especially vulnerable to shifts in liquidity conditions.
Despite this increased support, interbank trading volumes dropped sharply. In February, average daily transactions fell to just 2.2 billion dirhams—a 23.3% decline from January. This slowdown may reflect growing caution among financial institutions or a temporary recalibration in response to current monetary dynamics.
On the other hand, the weighted average overnight interbank rate (TIMPJJ) remained steady. Since December 18, 2024, it has been aligned with the new benchmark interest rate of 2.5%, holding at that level through both January and February after closing 2024 slightly higher at 2.64%.
With Morocco still navigating post-pandemic adjustments and ongoing geopolitical uncertainty, the liquidity situation remains a key area to watch. Upcoming decisions by Bank Al-Maghrib—especially around interest rates—will be closely monitored as indicators of the country’s monetary path and its ability to foster sustainable growth without jeopardizing financial stability.
