Moroccan banks’ liquidity needs averaged 132 billion dirhams per week in January 2026, down from 135.7 billion dirhams in December 2025, according to the Finance Ministry’s Directorate of Financial Studies and Forecasts.
In its latest economic conditions note, the directorate said Bank Al Maghrib reduced liquidity injections to 148 billion dirhams. The support was delivered mainly through seven day advances worth 57 billion dirhams, one and three month repo operations totaling 52.2 billion dirhams, and secured loans of 38.6 billion dirhams under programs supporting financing for very small, small and medium sized firms.
Average interbank trading volume fell 19.1 percent month on month to 4.9 billion dirhams in January, the note said.
The weighted average daily interbank rate has remained broadly stable since March 20, 2025, in line with the policy rate, averaging 2.25 percent.
On lending rates, Bank Al Maghrib’s fourth quarter 2025 survey showed a slight decline of 3 basis points in the overall weighted average rate to 4.82 percent. Treasury loan rates fell 15 basis points to 4.58 percent, consumer loans held at 6.89 percent, while equipment loans rose 46 basis points to 4.95 percent and mortgages increased 14 basis points to 5.19 percent.
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