Bank Al-Maghrib (BAM) continues its restrictive policy prioritizing the support of price stability, said Attijari Global Research in its latest note “Weekly Hebdo Taux – Fixed income”.
“In a context of inflationary acceleration in Morocco to 30-year highs,8.3% in November 2022, BAM is pursuing its restrictive policy by prioritising support for price stability,” AGR said in its note covering the period from 16 to 22 December.
At the end of its last monetary policy meeting of the year 2022, BAM raised its key rate (TD) by +50 PBS to 2.50% in line with the market consensus, said the same source, noting that the institution has revised upwards its growth and inflation forecasts for 2022 to 1.1% and 6.6% respectively.
During this week, BAM increased its interventions through its main operations by MAD 5.1 billion in one week to MAD 109 billion. Indeed, 7-day advances increased by MAD 7.3 billion to MAD 63.7 billion.
For their part, guaranteed loans fell by MAD 1.7 billion to MAD 23.8 billion, following the expiry of 3 lines of more than MAD 10 billion and the creation of 2 new lines totalling MAD 8.5 billion.
In these conditions, interbank rates increased at the end of the week in line with the new TD and Monia rates increased from 1.91% to 2.14% in one week.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.