Monetary Market: BAM Reduces Liquidity Injections
Deceleration of Treasury Investments in the Money Market
The Moroccan money market experienced a noticeable deceleration in Treasury investments during the past week. According to Attijari Global Research (AGR), this change occurred in a context where Bank Al-Maghrib (BAM) continued to meet banking demand while reducing its weekly interventions.
Decline in Bank Al-Maghrib Interventions
The liquidity injections from the central bank amounted to 143.7 billion dirhams. Specifically, 7-day advances recorded a weekly decrease of 17.2 billion dirhams, bringing the total to 53.8 billion dirhams. Longer-term advances, on the other hand, remained stable at 90.0 billion dirhams, a consistent level since the end of 2025.
Stability of Interbank Rates and MONIA
In this environment, interbank rates stayed aligned with the benchmark rate of 2.25%. Meanwhile, the average of the MONIA index slightly decreased by 2 basis points, settling at 2.24%, indicating an overall stable monetary environment. AGR also notes that foreign exchange reserves have been maintained at a high level. Official Reserve Assets (ORA) exceeded 442 billion dirhams by the end of 2025, marking an 18% increase compared to the end of 2024, reinforcing the financial stability of the Kingdom.
Sharp Decline in Treasury Cash Investments
Simultaneously, the Treasury significantly reduced its cash investments, both through repurchase agreements and outright purchases. These were limited to 4.0 billion dirhams, down from over 14.0 billion dirhams the previous week, reflecting a more cautious management of liquidity surpluses.
