Secteur bancaire : le déficit de liquidité se creuse à 143,3 milliards de dirhams début février

The Moroccan money market has recently navigated a period of significant liquidity recalibration, characterized by a substantial uptick in central bank intervention and a strategic deployment of Treasury surpluses. According to the latest "Fixed Income Weekly" report from BMCE Capital Global Research (BKGR), Bank Al-Maghrib has markedly increased its systemic support to the banking sector. The central bank’s seven-day advances surged by 10.3 billion dirhams, bringing the total outstanding volume of these liquidity injections to 60.6 billion dirhams. This proactive stance by the monetary authority underscores a commitment to maintaining market fluidity amidst shifting demand for capital among local financial institutions. Complementing this expansion in central bank support, the Moroccan Treasury has also demonstrated increased activity in its market placements. Data reveals that the Treasury’s daily maximum outstanding placements rose to 11.5 billion dirhams, a notable increase from the 9.4 billion dirhams recorded during the preceding week. This upward trajectory in Treasury operations suggests a robust cash position and a sophisticated approach to managing the state’s short-term liquidity requirements, effectively recycling capital back into the financial system to mitigate potential volatility. The interplay between these liquidity drivers has exerted a gentle downward pressure on key interest rate benchmarks. The weighted average rate, or TMP, experienced a marginal decline to settle at 2.25%, signaling a stabilization in the cost of borrowing within the interbank market. Simultaneously, the Moroccan Overnight Index Average, known as MONIA, followed a similar path, retreating to 2.21%. As a critical reference rate for repo transactions collateralized by Treasury bills, the dip in MONIA reflects a healthy appetite for high-quality collateral and a well-balanced supply-demand dynamic in the overnight lending space. Looking ahead, the market anticipates a tactical shift in Bank Al-Maghrib’s operational strategy. Analysts at BKGR suggest that the central bank is poised to moderate its rhythm of intervention in the coming period. Projections indicate that the volume of seven-day advances will likely be trimmed from its current peak of 60.6 billion dirhams down to approximately 55.2 billion dirhams. This anticipated reduction reflects a broader expectation of improving organic liquidity conditions, allowing the monetary authority to gradually pull back its direct support without compromising the stability of the financial ecosystem. For institutional investors and market participants, these movements highlight a period of controlled normalization, where the convergence of fiscal management and monetary oversight continues to provide a predictable framework for capital allocation and risk management within the Kingdom.