Attijari Global Research (AGR) predicts an increase in the key rate (TD) of Bank Al-Maghrib (BAM) which will hold its 3rd monetary policy meeting of the year next Tuesday.
“In Morocco, the key rate remained unchanged in 2022 at 1.5%, its historic low. To this end, we are maintaining our central scenario providing for at least a rise in the TD by the end of 2022″, indicates AGR in its recent note “Weekly Hebdo Rates – Fixed income” which covers the week from 16 to 22 september.
And to add that BAM satisfies all of the banking demand by increasing its interventions by 1.8 billion dirhams (MMDH) through its 7-day advances. These amounted to 39.1 billion dirhams at the end of this week.
For its part, the average outstanding amount of unsecured investments and with repurchase agreement of the State treasurer’s cash surplus rose in one week from 7.9 billion dirhams to 5.8 billion dirhams.
A few days before its 3rd monetary policy meeting of the year 2022, Bank Al-Maghrib thus continues to regulate the money market through its injections of liquidity, in order to maintain interbank rates at the level of the Key Rate.
AGR analysts point out that this decision comes once morest a backdrop of accelerating inflation and a synchronization of key rate hikes by major central banks internationally.
