Between August 28 and September 3, Moroccan banks saw a slight drop in their overall liquidity needs. According to the latest figures from BMCE Capital Global Research, the average liquidity shortfall narrowed by 7.48%, settling at 130.9 billion dirhams.
At the same time, Bank Al-Maghrib increased its support to the banking sector through seven-day advances, injecting 59.05 billion dirhams into the system. That’s nearly 1.8 billion more than the previous week, signaling a continued effort by the central bank to maintain stability in the money market.
On the Treasury side, the trend was reversed. Daily placements by the government fell sharply, with a maximum of just 13.4 billion dirhams, well below the 19.9 billion recorded during the prior period.
Interest rates, however, remained largely unchanged. The weighted average rate held steady at 2.25%, while the MONIA index—which reflects repo operations backed by Treasury bills—edged down slightly to 2.218%.
Looking ahead, analysts at BKGR expect the central bank to slightly scale back its intervention. Projections indicate that the volume of seven-day advances could dip to around 56.15 billion dirhams in the coming days.
