Bank Al-Maghrib (BAM) is continuing its restrictive policy, prioritizing the support of price stability, indicates Attijari Global Research in its latest note “Weekly Hebdo Rates – Fixed income”.
“In a context of inflationary acceleration in Morocco to 30-year highs, i.e. 8.3% in November 2022, BAM is continuing its restrictive policy by prioritizing the support of price stability”underlines AGR in its note which covers the period from December 16 to 22.
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, recalls the same source, noting that the institution raised its growth and inflation forecasts for 2022 to 1.1% and 6.6% respectively.
During this week, BAM increases its interventions through its main operations by 5.1 billion dirhams (MMDH) in one week to 109 billion dirhams. Indeed, 7-day advances increased from 7.3 billion dirhams to 63.7 billion dirhams.
For their part, guaranteed loans fell from 1.7 billion dirhams to 23.8 billion dirhams, following the expiry of 3 lines of more than 10 billion dirhams and the creation of 2 new lines totaling 8.5 billion dirhams.
Under 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.
