Morocco: Bank Liquidity Deficit Decreases to 155.9 Billion Dirhams
Banking Liquidity Deficit in Morocco Shows Slight Improvement
The banking liquidity deficit in Morocco has registered a modest improvement during the period from June 4 to June 11, averaging 155.9 billion dirhams, according to the latest analyses by BMCE Capital Global Research (BKGR).
This development occurs in a context characterized by an increase in interventions by Bank Al-Maghrib in the money market. The loans extended by the central bank for a period of seven days have risen by 640 million dirhams, reaching a total of 55.4 billion dirhams.
On the Treasury side, financial placements have also seen an uptick. The maximum daily outstanding amount has reached 23.9 billion dirhams, compared to 23.5 billion dirhams in the previous week, indicating sustained activity in the money market.
Regarding benchmark rates, the weighted average rate (WAM) has remained stable at 2.25%, reflecting a balance in the market. The MONIA rate, a key indicator of the Moroccan money market, has recorded a slight increase.
However, BKGR analysts anticipate a reduction in the volume of interventions by Bank Al-Maghrib in the upcoming period. The central bank is expected to lower the amount of its seven-day loans to 43.8 billion dirhams, down from the current 55.4 billion dirhams.
This shift indicates a gradual improvement in the liquidity conditions of the banking system, even though the deficit remains at a relatively high level. Financial actors will closely monitor the central bank’s upcoming decisions to assess the evolution of monetary conditions and the financing of the economy.
