Bank of Morocco: Banking liquidity needs decline

Bank of Morocco's latest monthly bulletin on economic, monetary, and financial conditions reveals a notable drop in the banking sector's liquidity needs. In June 2026, the weekly average liquidity requirement fell to 127.3 billion dirhams, a decrease from the 146.6 billion dirhams recorded the previous month.

In response to this reduced demand, the central bank adjusted its intervention volumes. The total amount of its interventions was lowered to 152.4 billion dirhams. This figure is distributed across various mechanisms, including 53.7 billion dirhams in 7-day advances, 52.1 billion dirhams in one- and three-month repurchase operations, and 46.7 billion dirhams allocated through long-term guaranteed loans.

The interbank market saw an average daily transaction volume of 2.2 billion dirhams, with the weighted average interest rate holding steady at 2.25 percent. Treasury bond market interest rates experienced mixed developments in June. While primary market rates saw slight decreases across all maturities, secondary market rates rose for medium and long-term maturities, remaining stable for short-term ones.

Deposit interest rates in May showed a monthly decline. Rates for six-month term deposits fell by 65 basis points to 2.16 percent, and for one-year deposits, they dropped by 18 basis points to 2.6 percent. The minimum interest rate for savings accounts in the second half of 2026 was set at 1.82 percent, an increase of 21 basis points from the first half. Conversely, lending rates for the non-financial sector decreased quarterly by 16 basis points to an average of 4.66 percent in the first quarter of 2026, according to Bank of Morocco's survey.