Mohammedia – Morocco’s banking system saw its liquidity needs deepen toward the end of 2025, with the average weekly deficit rising to MAD 135.7 billion in December, according to the latest data released by Bank Al-Maghrib.
This marked an increase from MAD 129.1 billion recorded a month earlier, reflecting continued pressure on banking liquidity conditions.
To address this widening gap, the central bank stepped up its interventions, bringing the total volume of liquidity injections to MAD 154.5 billion during the month.
These operations were carried out through several instruments, including MAD 72.1 billion in seven-day advances, MAD 47 billion via one- and three-month repurchase agreements, and MAD 35.5 billion allocated to long-term refinancing backed by collateral.
The figures were outlined in Bank Al-Maghrib’s monthly review of economic, monetary, and financial conditions.
Activity on the interbank market remained relatively moderate in December. Average daily trading volumes stood at around MAD 6 billion, while the weighted average interbank rate settled at 2.25%, broadly in line with the central bank’s key rate.
Yields on Treasury bills edged slightly higher over the same period, both in the primary market and on the secondary market, continuing a trend of mild upward adjustments observed toward the end of the year.
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In terms of savings, returns on term deposits declined in November. Rates on six-month deposits fell by 47 basis points to 2.31%, while one-year deposit rates dropped by 11 basis points to 2.6%.
The remuneration rate for savings accounts was also revised downward, set at 1.61% for the first half of 2026, compared with 1.91% during the second half of 2025.
Lending rates showed little overall movement. According to Bank Al-Maghrib’s survey of banks covering the third quarter of 2025, the average lending rate remained broadly stable at 4.85% compared with the previous quarter.
Rates on loans to households declined slightly, easing by 6 basis points to 5.71%. This included a 4 basis point decrease in housing loan rates to 4.64%, while consumer credit rates remained nearly unchanged at 6.89%.
For non-financial companies, average lending rates increased marginally by 2 basis points to 4.74%, reflecting higher rates on short-term cash facilities alongside lower rates for equipment loans and property development financing.
By company size, borrowing costs declined for both large firms and very small, small, and medium-sized enterprises, pointing to a modest easing in credit conditions across segments.