2023-09-27 02:22:00
The decision of the Board of Bank Al-Maghrib (BAM) to opt for a status quo on the key rate takes into account the downward trend in inflation and the high level of uncertainty linked to the international situation, affirmed, Tuesday in Rabat, Abdellatif Jouahri, Wali of BAM.
“This decision also takes into account the national context following the Al Haouz earthquake,” said Mr. Jouahri during a press briefing held at the end of the third quarterly meeting of the BAM Council under the year 2023.
It is also motivated by the 2024 projection which is closer to the Central Bank’s target, he added.
Regarding the international situation, the Wali of BAM indicated that it is difficult to predict its evolution, citing the example of prices at the pump. “There is a resumption of economic activity, but which is counterbalanced by the fact that the Organization of the Petroleum Exporting Countries and their allies (OPEC+), with Russia, are each time reconsidering production,” he said. -he explains.
The BAM Board decided to keep the key rate unchanged at 3%. He also noted the clear deceleration of inflation which fell from a peak of 10.1% year-on-year in February to 5% in August, favored by the measures put in place by the government, the easing of pressures of external origin and the tightening of monetary policy.
The Council also stressed that economic growth should be 2.9% in 2023, then 3.2% in 2024. Projections which do not take into account the consequences of the Al Haouz earthquake and the fallout from the reconstruction and recovery measures announced.
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