Banks: A liquidity need of 128.9 billion dirhams in November

In this context, the average weekly liquidity injections by Bank Al-Maghrib (BAM) reached 142.5 billion dirhams, a level similar to that recorded the previous month (143.7 billion dirhams), according to the recent economic note from the DEPF. BAM's interventions primarily focused on seven-day advances (67.6 billion dirhams), one- and three-month repurchase agreements (42.3 billion dirhams), and guaranteed loans provided under support programs for very small, small, and medium enterprises (32.7 billion dirhams). Regarding the average volume of interbank transactions, it decreased by 4.7% compared to the previous month, settling at 4.3 billion dirhams for November 2025. The average weighted interbank rate (TIMPJJ) has remained stable since March 20, 2025, aligning closely with the key rate, averaging 2.25%. During its meeting on December 16, 2025, the Central Bank Council deemed the current level of the key rate appropriate and decided to maintain it unchanged at 2.25%. Concerning the evolution of borrowing rates, BAM's survey results for the third quarter of 2025 indicate a near stagnation in the overall average weighted rate compared to the previous quarter, standing at 4.85% after 4.84% in the second quarter of 2025. This trend reflects the combined effects of a decrease in equipment loan rates (-34 basis points to 4.49%) and mortgage loan rates (-8 basis points to 5.05%), the near stagnation of consumer loan rates (6.89% after 6.88%), and an increase in treasury loan rates (+8 basis points to 4.73%).