Slight Fluctuation in the Moroccan Money Market Amid Increased Banking Interventions
The Moroccan money market experienced a slight fluctuation during the week ending December 31, as reported by Casablanca Finance City’s research center (AGR) in its weekly note “Weekly Hebdo Taux – Fixed Income.”
The report indicated that Bank Al-Maghrib continued to meet the demands of the banking system by increasing the volume of its interventions in both main and long-term operations. The primary operations remained stable at 160.9 billion dirhams, compared to 159.3 billion dirhams the previous week. This was mainly attributed to a surge in demand for 7-day advances at the year’s end, which reached 71 billion dirhams, up from 69.3 billion dirhams the week prior.
Meanwhile, long-term interventions remained stable at 90 billion dirhams through repurchase agreements and secured loans. In addition, the central bank provided 2.3 billion dirhams in 24-hour advances during the week to address the heightened demand for liquidity at year-end.
The interbank market saw a slight disturbance, with the interest rate reaching 2.31 percent. Additionally, the Moroccan “Monia” index, a daily benchmark for repurchase transactions secured by treasury bonds, increased by 6 basis points to 2.26 percent.
The circulating cash reached a record level of 485 billion dirhams at the end of November 2025, while liquid assets deposited attained a historic high of 1.091 trillion dirhams during the same period.
