Morocco’s monetary supply is estimated to increase by 4.9% in the third quarter of 2022, after +4.4% year-on-year a quarter earlier, said the High Commission for Planning (HCP) in its latest report published Thursday.
Banks’ liquidity needs also increased, compared to the same period in 2021, as a result of the rise in cash circulation, with Bank Al-Maghrib strengthening the volume of its financing to banks, added HCP.
The official reserve assets increased by 6.7%, and the net claims on the central administration would have accelerated, reflecting a 12% increase in the Treasury’s monetary debt, further stated the same source.
The growth of claims on the economy was maintained. Their outstanding amount increased by 4.8% in the third quarter of 2022 due to the increase in the granting of cash loans to businesses, explained the same source.
HCP further specified that Morocco’s central bank (BAM) started its monetary tightening policy by raising its key rate by 50 basis points to 2% at the end of September 2022, after having lowered it by a total of 200 basis points for more than a decade.
Interest rates in the interbank market also adjusted immediately to the new policy rate, rising by an average of 7.5%, added the same source.
In the meantime, rates on the Treasury bill auction market increased, with a rise of 37 basis points for rates with a 1-year maturity, while lending rates fell by an average of 24 basis points.
On the foreign exchange market, the Moroccan dirham dropped significantly against the US dollar, marking a decline of 15.3%, while it rose by 0.8% against the euro, added HCP.
Regarding the stock market, it experienced a further decline in the third quarter of 2022, said HCP.
Following the international context marked by the Russia-Ukraine war, which slowed domestic economic growth and raised inflationary pressures, stock market indices fell at a more sustained rate, added the same source.
The MASI index dropped by 11.9% year-on-year, after a 3.2% decline in the second quarter of 2022, according to the same source.
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