Bank Al Maghrib (BAM) reported that commercial banks required an average of MAD 113 billion ($12.53 billion) in liquidity for July, a slight decrease from MAD 114 billion ($12.66 billion) the previous month.
In its monthly bulletin, BAM noted that it intervened with a total of MAD 128.8 billion ($14.29 billion) to address banking sector needs. This support included MAD 50.7 billion ($5.62 billion) in seven-day advances, MAD 44 billion ($4.88 billion) through one-month and three-month repurchase operations, and MAD 34.1 billion ($3.78 billion) in long-term guaranteed loans.
The interbank market saw an average daily trading volume of MAD 4.3 billion ($477,087), while the weighted average interest rate remained stable at 2.25%. Treasury bond markets experienced rising rates at the primary level, though secondary markets remained mostly stable.
In June, deposit and loan interest rates moved in opposite directions. Creditor interest rates for six-month deposits fell by nine basis points to 2.27%, while rates for one-year deposits rose by 26 basis points to 2.96%.
The central bank set the minimum interest rate for passbook accounts at 1.91% for Q2 2025, down 30 basis points from the previous quarter.
BAM’s survey revealed that the average interest rate on loans decreased by 14 basis points to 4.84%. Individual loan rates dropped to 5.77%, with consumer loans falling by 25 basis points to 6.88%, and housing loan rates declining by six basis points to 4.68%.
Non-financial companies also saw lower borrowing costs, with rates dropping to 4.72%. Equipment loan rates decreased by 32 basis points to 4.82%, while treasury facility rates fell by nine basis points to 4.64%. Real estate development loan rates remained stable at 5.47%.
The size of the company influenced borrowing rates differently. Large companies saw their rates drop by 29 basis points to 4.67%, while very small, small, and medium enterprises experienced an 18 basis point reduction, bringing their rates to 5.43%.
The data reflects Morocco's monetary policy efforts to balance liquidity support with interest rate management amid current economic conditions.