The Central Bank of Morocco announced that banks’ weekly liquidity requirements rose and demand averaged 138.8 billion dirhams ($13.6 billion) in October 2024, up from 135.5 billion dirhams ($13.5 billion) in September, according to the central bank’s latest economic and financial review.
In response to this increase, Bank Al-Maghrib raised the total liquidity injection to 150.3 billion dirhams. These included AED 61.6 billion ($6.1 billion) in 7-day advances, AED 51.9 billion ($5.1 billion) through one- and three-month repo operations, and AED 36.9 billion ($3.6 billion) earmarked for long-term refinancing. Term through secured loans.
The interbank market saw an average daily trading volume of 3 billion Moroccan dirhams ($294 million) in October, with the weighted average rate stable at 2.75%. Meanwhile, yields on Treasury bonds saw a slight decline in both the primary and secondary market.
On the deposit front, September saw a rise in the 6-month deposit rate, which rose by 19 basis points to 2.92%, while the 1-year deposit rate remained relatively stable at 2.52%.
Regarding lending, Bank Al-Maghrib’s survey of banks for the third quarter revealed a 22 basis point decrease in the average overall lending rate, which fell to 5.21%.
Sector-specific lending rates showed mixed trends. Business loan rates fell by 25 basis points to 5.12%, with cash easing reduced by 32 basis points to 5.06%. Meanwhile, property development loan rates remained steady at 5.68%, while equipment financing rates rose 25 basis points to 5.24%.
When broken down by business size, large companies saw a decrease of 20 basis points to 5.14%, while small and medium-sized companies saw a slight increase of 6 basis points to 5.74%.
For individual loans, rates remained largely unchanged at 5.91%. Home loan rates fell by 3 basis points to 4.76%, while consumer loan rates saw a modest increase of 3 basis points to 7.06%.
