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Morocco’s banking liquidity deficit rises to MAD 144.6 billion in late October
The Moroccan banking system faced a deepening liquidity deficit during the final week of October, with the gap widening by 5.19% to reach MAD 144.6 billion, according to BMCE Global Research’s “Fixed Income Weekly” report. This increase reflects the cautious approach taken by Bank Al-Maghrib in managing its liquidity interventions.
Between October 23 and 29, the central bank reduced its seven-day liquidity injections by MAD 3.35 billion, bringing the total to MAD 72.6 billion. Analysts from BMCE Capital suggest that this move is part of Bank Al-Maghrib’s strategy to strike a balance between ensuring liquidity and maintaining monetary discipline in the face of inflationary pressures.
While the central bank scaled back its short-term injections, the Treasury stepped up its placements in the money market. The maximum daily outstanding volume rose to MAD 13.9 billion, compared to MAD 10.9 billion the previous week. This increase may indicate improved cash flow management by the Treasury, supported by higher revenue collections or more active liquidity operations.
Despite the widening liquidity deficit, interest rates remained stable. The weighted average rate held steady at 2.25%, while the Moroccan Overnight Index Average (MONIA) dipped slightly to 2.116%, reflecting mild easing in short-term market rates.
The interplay between the central bank’s cautious interventions and the Treasury’s liquidity placements highlights efforts to stabilize the financial system. Bank Al-Maghrib has signaled its intention to further reduce its weekly advances, targeting MAD 66.5 billion in the coming period. This planned adjustment underscores the central bank’s confidence in the market’s capacity to self-regulate without additional support.
