Bank Al-Maghrib (BAM) reports a decrease in the banking sector’s liquidity needs, which reached 135.9 billion dirhams in December 2024, compared to 138.8 billion dirhams a month earlier. This slight improvement comes in a context of year-end monetary adjustments and reflects a better cash flow situation among banks.
To meet these needs, BAM increased its total injections to 152 billion dirhams. Of this amount, 65.5 billion dirhams were granted in seven-day advances, 50.8 billion dirhams through repurchase agreements (pension livrée) at one and three months, and 35.7 billion dirhams via long-term refinancing (guaranteed loans). On the interbank market, the average daily trading volume reached 2.9 billion dirhams, while the weighted average rate fell to 2.64% from 2.75% in November. This decrease follows the Central Bank’s decision on December 17, 2024, to lower the key policy rate by 25 basis points, bringing it down to 2.5%.
In tandem with these developments, yields on Treasury bills edged down in both the primary and secondary markets. Meanwhile, the interest rates on time deposits saw moderate declines: deposits at six months dropped by 33 basis points to 2.35%, while one-year deposits fell by 15 basis points to 2.74%. This overall decline in rates reflects the current accommodative monetary policy stance, which aims to support economic recovery and ease financing conditions for businesses and households.
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