Banks: Liquidity Needs Increase to 133.6 Billion Dirhams in February 2026 (DEPF)

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The liquidity needs of banks have increased compared to the previous month, averaging weekly at 133.6 billion dirhams (MMDH) in February 2026, up from 132 MMDH in January 2026, according to the Directorate of Studies and Financial Forecasts (DEPF).

In this context, Bank Al-Maghrib (BAM) has raised the volume of its liquidity injections to 150.1 MMDH. This primarily pertains to seven-day advances (55.6 MMDH), repos for 1 and 3 months (54.2 MMDH), and guaranteed loans provided under support programs for very small, small, and medium enterprises (TPME) (40.3 MMDH), as indicated by the DEPF in its recent economic note.

Regarding the average volume of interbank transactions, it has decreased by 34.1% compared to the previous month, dropping to 3.2 MMDH for February 2026.

Moreover, the weighted average interbank rate (TIMPJJ) has remained nearly stable since March 20, 2025, aligning with the key rate, averaging at 2.25%.

It’s worth noting that during its meeting on March 17, 2026, BAM’s Board deemed it appropriate to maintain the key rate at 2.25%, taking into account the continued notable dynamics of economic activity, the anticipated moderate inflation levels, and the significant uncertainty surrounding international prospects.

As for the evolution of lending rates, BAM’s survey results for the fourth quarter of 2025 indicate a slight decrease in the overall weighted average rate, down 3 basis points to 4.82% compared to the previous quarter.

This trend reflects the combined effect of a decrease in cash credit rates by 15 basis points (bps) to 4.58%, stagnation of consumer credit rates at 6.89%, and an increase in equipment credit rates (+46 bps to 4.95%) as well as real estate credit rates (+14 bps to 5.19%).

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This translation ensures clarity while preserving the original meaning and intent of the French text.