Rabat – The average banking liquidity deficit in Morocco eased by 6.89% to 137.7 billion dirhams (MAD) ($13.8 billion) for the period from December 31, 2025, to January 7, 2026, according to BMCE Capital Global Research (BKGR).
This improvement coincided with a rise in Bank Al-Maghrib’s (BAM) seven-day advances, which increased by 1.6 billion dirhams ($160 million) to reach 70.9 billion dirhams ($7.1 billion), BKGR noted in its latest “Fixed Income Weekly” report.
Meanwhile, Treasury placements decreased, with a maximum daily outstanding of 4 billion dirhams ($400 million), down from 25.5 billion dirhams ($2.55 billion) the previous week. The weighted average rate (TMP) remained steady at 2.25%, while the Moroccan Overnight Index Average (MONIA) fell slightly to 2.242%.
Looking ahead, BAM is expected to slow the pace of its interventions in the money market, setting the volume of its seven-day advances at 53.7 billion dirhams ($5.37 billion), down from 70.9 billion dirhams ($7.1 billion) previously.
On the primary debt market, the Treasury raised a total of 4.1 billion dirhams ($410 million) during the latest auction, representing 62% of the initially proposed 6.6 billion dirhams ($660 million). This issuance focused solely on the two-year maturity with a limit rate of 2.569%, pushing the primary rate up by 3.5 basis points (bps).
The secondary bond market largely moved upward over the period, with yields rising across 15-year, 52-week, and two-year maturities by 12.86 bps, 10.72 bps, and 8.75 bps respectively. Only the short-term 13-week maturity saw a slight decline of 1.59 bps. BKGR anticipates that following this first issuance of the year, the market will remain broadly stable in the coming week, with minor adjustments linked to Treasury financing needs.
The upcoming auctions are expected against a forecasted financing requirement of 15.5 billion dirhams ($1.55 billion) in January, including nearly 8 billion dirhams ($800 million) in scheduled maturities. BKGR noted that the Treasury’s comfortable liquidity position and steady investor demand are likely to keep the yield curve largely unchanged, with only minor adjustments expected.
