Morocco’s banking system recorded a deeper liquidity deficit during the week of 13 to 19 November 2025, reaching 137.7 billion dirhams according to BMCE Capital Global Research.
The shortfall expanded by 6.15 percent as Bank Al Maghrib increased its seven day advances by 7.6 billion dirhams to 68.7 billion dirhams, reflecting tighter conditions on the money market.
Treasury placements weakened over the same period, with a daily outstanding peak of 10.3 billion dirhams compared with 15 billion dirhams a week earlier, reducing public sector injections into the system.
The weighted average rate remained stable at 2.25 percent, while the Moroccan Overnight Index Average eased to 2.239 percent on the back of lower repo activity secured by Treasury bills.
BMCE Capital Global Research expects the central bank to modestly increase its intervention pace in the coming week, projecting seven day advances at 69.5 billion dirhams. The adjustment signals ongoing calibration of short term liquidity management as structural demand for central bank funding persists.
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