Banks: Liquidity Needs Increased to 119.5 Billion Dirhams in Q3

Bank Al-Maghrib (BAM) has increased the volume of its liquidity injections, which averaged 132.8 billion dirhams weekly in the third quarter of 2025, compared to 127.9 billion dirhams in Q2 2025. The Directorate of Financial Studies and Forecasts (DEPF) noted that these interventions primarily focused on seven-day advances (55.3 billion dirhams), repurchase agreements (43 billion dirhams), and guaranteed loans provided under support programs for very small, small, and medium enterprises (TPMEs) totaling 34.3 billion dirhams. The average volume of interbank transactions rose by 30.3% compared to the second quarter of 2025, reaching 4.8 billion dirhams. The average weighted interbank rate for overnight transactions has remained stable since March 20, 2025, aligning closely with the key rate, averaging 2.25% in both Q2 and Q3 2025, down from 2.46% in Q1 2025. Additionally, the DEPF highlighted that during its meeting on September 23, 2025, the BAM Council decided to maintain the key rate unchanged at 2.25%, while continuing to strengthen measures aimed at easing financing conditions for businesses, particularly for very small enterprises. Regarding the evolution of lending rates, the results of BAM's survey for the second quarter of 2025 indicate a continued decline in the overall weighted average rate, which decreased by 14 basis points to 4.84%. This trend includes reductions in equipment loan rates (down 32 basis points to 4.83%), consumer credit rates (down 25 basis points to 6.88%), cash credit rates (down 9 basis points to 4.65%), and mortgage rates (down 5 basis points to 5.13%).