2023-12-26 12:00:38
Bank Al-Maghrib (BAM) increased its interventions in the money market to MAD 122.2 billion. This is what Attijari Global Research (AGR) indicates in its latest “Weekly Hebdo Taux – Fixed income” note covering the period from December 15 to 21.
“In our opinion, a new phase of monetary easing should begin in 2024, focusing on the new economic challenges of the Kingdom, in a context of ebbing inflationary tensions,” indicates AGR in this note, specifying that the Moroccan CPI has fell to 3.6% at the end of November 2023. During this week, BAM increased its interventions through its main operations from 5.9 billion dirhams in one week to 122.2 billion dirhams. “This increase only concerned 7-day advances which increased from MAD 46.7 billion to MAD 52.7 billion in one week,” continues the same source. And added: “Guaranteed loans fell from 628 billion dirhams to 27.4 billion dirhams, and the same amount was invested in the form of repo delivered.”
Under these conditions, interbank rates remain in line with the key rate and the MONIA Rates fall by 3 basis points, to 2.93%, in one week. At the end of its last monetary policy meeting of 2023, Bank Al-Maghrib maintains its key rate stable at 3% in line with the market consensus. The institution revised its growth forecasts downwards and its inflation forecasts slightly upwards for the year 2023 to 2.7 and 6.1% respectively.
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