The increase in the key rate in favor of savings

“Lhe increase in the rates that we operate will have to push the customers to demand better remuneration at the level of the banking system. This does not mean that she will be able to obtain positive remuneration all at once, but the differential on the negative level will be reduced”, said Jouahri during the press briefing at the end of the 4th and last meeting. quarterly 2022 from BAM.

In this sense, he highlighted the increase in fiduciary circulation, which increased by 20% during the health crisis, before returning to its normal pace.

The Wali of BAM also indicated that Moroccan banks did not experience massive withdrawals in deposits during the crisis period, explaining this finding by the presence of the “trust” element.

BAM’s Board decided to raise the key rate by 50 basis points (bps) to 2.50% at the end of its 4th and last quarterly meeting, for the year 2022. During this meeting, said Council analyzed the recent evolution of the international economic situation and noted that it remains marked by the stalemate of the conflict in Ukraine, the geopolitical and economic fragmentation and the consequences of the pandemic. He also noted that despite signs of easing inflation in some countries, overall inflation remains very high, prompting central banks to continue the largely synchronized tightening of their monetary policies.