“At the end of its first monetary policy meeting of the year 2022, Bank Al-Maghrib maintains its key rate unchanged at 1.5% and revises its growth forecasts for the year 2022 downwards to 0.7% once morest 2.9% initially. However, this forecast needs to be put into perspective given that it does not take into account the latest rainfall events”, indicates AGR in its note “Weekly Hebdo Rates – Fixed Income” for the week of March 18 to 24.
The institution also revised its inflation projections for the year 2022 to 4.7%, a record level for around three decades, recalls the same source. And to add that the Central Bank increased its 7-day advances from 2.6 billion dirhams (MMDH) to 36.7 billion dirhams. Regarding its long-term interventions, they increased by 400 million dirhams (MDH), notably following the expiry of 3 lines of guaranteed loans of 8.8 billion dirhams and the creation of 3 other lines totaling 9 billion dirhams. Thus, BAM’s interventions through its main operations amounted to 79.1 billion dirhams.
Under these conditions, the interbank rates remain in line with the key rate while the MONIA rates (Editor’s note, Moroccan Overnight Index Average: overnight benchmark monetary index, calculated on the basis of repo transactions having as collateral of the Treasury) show a slight increase to 1.43% over the week.
