The banking liquidity requirement eased to 125.7 billion dirhams on a weekly average basis in July 2026, compared with 127.3 billion dirhams a month earlier, according to Bank Al-Maghrib’s (BAM) latest Monthly Review of the Economic, Monetary and Financial Situation.
Against this backdrop, BAM reduced the overall volume of its injections to 144.1 billion dirhams, broken down into 48.9 billion dirhams in the form of 7-day advances, 48.9 billion dirhams under 1- and 3-month repurchase agreement operations, and 46.2 billion dirhams allocated to refinancing through long-term guaranteed loans.
In the interbank market, the average daily volume of transactions stood at 3.3 billion dirhams, while the weighted average rate stood at 2.25%, the same source said.
In the Treasury bill market, rates remained almost stable on the primary market, while on the secondary market, they recorded slight declines for short- and medium-term maturities and remained almost stable for maturities of more than 5 years.
As for interest rates applied to bank deposits, they posted monthly increases in June of 35 basis points (bps) to 2.51% for 6-month deposits and 17 bps to 2.77% for one-year deposits.
At the same time, the results of BAM’s survey of banks on lending rates applied to loans to the non-financial sector, covering the second quarter of 2026, showed a quarterly increase of 15 bps in the overall average rate to 4.81%.
By institutional sector, rates on loans to non-financial companies increased by 17 bps to 4.71%, reflecting increases of 29 bps to 4.65% for equipment loans and 16 bps to 4.62% for cash facilities, as well as a 2-bp decrease to 5.35% for real estate development loans.
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