The liquidity deficit in Morocco exceeds 133 billion dirhams, with Bank Al-Maghrib continuing its interventions to maintain economic balance.
According to the research center “Commercial Global Research,” the liquidity deficit in Morocco reached over 133 billion dirhams by the end of February 2026. This figure closely mirrors the same period last year, highlighting ongoing pressures on the liquidity situation within the banking system amid persistent financial and structural challenges.
The weekly report published by the center for the period from March 13 to 19 indicated that the average interest rates in the interbank market remained aligned with the key interest rate. The “Monia” index saw a decrease of 11 basis points, settling at 2.11%. This reflects a slight decline in short-term financing costs, despite the continuing deficit.
Conversely, Bank Al-Maghrib has ramped up its interventions to stabilize monetary balances, increasing the volume of its 7-day advances by 2.5 billion dirhams to 63 billion dirhams. This step aims to provide the market with the necessary liquidity and ensure interest rate stability. Additionally, long-term repurchase operations recorded a minor decline of 901 million dirhams, compared to a similar increase in guaranteed loans, effectively redistributing intervention tools without altering the total size.
The total long-term interventions by the central bank have remained steady at 97 billion dirhams for five consecutive weeks, reflecting a cautious and gradual approach to liquidity management, balancing economic activity support with the need to maintain stable monetary indicators while awaiting future economic and financial developments in the coming months.
