Rabat — Bank Al Maghrib (BAM) reported that commercial banks needed an average of MAD 113 billion ($12.53 billion) in liquidity during July, down slightly from MAD 114 billion ($12.66 billion) the previous month.
Morocco’s central bank released these figures in its monthly economic, monetary, and financial bulletin, stating that it intervened with a total volume of MAD 128.8 billion ($14.29 billion) to meet banking sector needs.
BAM’s support included MAD 50.7 billion ($5.62 billion) in seven-day advances, MAD 44 billion ($4.88 billion) through repurchase operations lasting one month and three months, and MAD 34.1 billion ($3.78 billion) in long-term guaranteed loans.
The interbank market averaged MAD 4.3 billion ($477,087) in daily trading volume. The weighted average interest rate remained stable at 2.25%.
Treasury bond markets saw rising rates at the primary level, while secondary markets remained relatively stable.
Deposit and loan interest rates moved in different directions during June. Creditor interest rates fell by nine basis points to 2.27% for six-month deposits. However, rates for one-year deposits rose by 26 basis points to 2.96%.
The central bank set the minimum interest rate on passbook accounts for the second quarter of 2025 at 1.91%, down 30 basis points from the previous quarter.
BAM’s survey of commercial banks showed the overall average interest rate on loans dropped by 14 basis points to 4.84%
The report also indicated that individual loan rates fell to 5.77% across the sector. Consumer loan rates decreased by 25 basis points to 6.88%, while housing loan rates dropped six basis points to 4.68%.
Meanwhile, non-financial companies saw their borrowing costs decline to 4.72%. Equipment loan rates fell by 32 basis points to 4.82%, and treasury facility rates dropped nine basis points to 4.64%. Real estate development loan rates remained nearly unchanged at 5.47%.
Company size affected borrowing rates differently. Large companies saw rates fall by 29 basis points to 4.67%. Very small, small, and medium enterprises experienced an 18 basis point decrease, bringing their rates to 5.43%.
The data reflects Morocco’s efforts in monetary policy to balance liquidity support with interest rate management as the country navigates current economic conditions.
