Overview of Banking Liquidity Trends
The latest monthly bulletin from Bank Al-Maghrib, which focuses on the economic, monetary, and financial conditions, reveals a notable decrease in the banking liquidity requirements. In the weekly average for June 2026, the demand for liquidity fell to 127.3 billion dirhams, down from 146.6 billion dirhams the previous month. This significant reduction indicates a substantial shift in the financial landscape.
In response to the declining liquidity needs, the central bank has adjusted its overall intervention volume to 152.4 billion dirhams. This amount is distributed across several forms of financial support, including 53.7 billion dirhams in seven-day advances, 52.1 billion dirhams for one-month and three-month repurchase agreements, and 46.7 billion dirhams allocated for refinancing through long-term secured loans.
Market Developments and Interest Rates
Within the interbank market, the daily average transaction volume reached 2.2 billion dirhams, while the weighted average interest rate stabilized at 2.25%. In the treasury bonds market, interest rates displayed varied movements throughout June. There were slight declines in the primary market across all maturities, whereas medium and long-term rates saw increases. Short-term rates remained stable in the secondary market.
As for deposit interest rates, there was a monthly drop of 65 basis points in May, bringing the rate for six-month deposits to 2.16%, while one-year deposits decreased by 18 basis points to 2.6%. The minimum interest rate applicable to savings accounts was set at 1.82% for the second half of 2026, reflecting a rise of 21 basis points compared to the first half of the year.
Regarding lending interest rates, a survey conducted by Bank Al-Maghrib on rates applied to loans granted to the non-financial sector during the first quarter of 2026 showed a quarterly decline of 16 basis points, resulting in an average total rate of 4.66%. Specifically, interest rates on loans to non-financial enterprises dropped by 18 basis points to 4.54%. This includes a reduction of 59 basis points to 4.36% for equipment loans and an 11 basis points decrease to 4.46% for treasury facilities. Meanwhile, real estate development loans saw a minor decline of 7 basis points, settling at 5.37%.
When segmented by enterprise size, interest rates for large enterprises decreased by 19 basis points to 4.55%, while small and medium-sized enterprises experienced a slight reduction of 2 basis points to 5.2%. Additionally, interest rates on loans granted to self-employed individuals decreased by 14 basis points to 5.5%. Conversely, rates applicable to individuals saw an increase of 5 basis points to 5.74%, which includes a rise of 2 basis points to 7.21% for overdraft accounts and treasury loans, stability at around 4.66% for housing loans, and a decrease of 3 basis points to 6.86% for consumer loans.
As reported by hespress.com.
