The interbank market remained stable during the period from May 13 to May 19, supported by the proactive actions of Bank Al-Maghrib (BAM) through its weekly injections and an accommodating monetary policy since 2020, indicates Attijari Global Research (AGR) .
The Central Bank “thus plays a key role in stabilizing the financing conditions of the economy”, underlines AGR in its last note “Weekly Hebdo Rates”.
Concerning the purchasing power of households, since the beginning of the year it has been under visible pressure in connection with the rise in international commodity prices, notes the same source, noting that the recent level of inflation in Morocco stood at 5.9% in April year-on-year, the highest in the last decade.
And to note that “BAM foresees a normalization of the current levels of inflation around its target at 2% from 2023”.
With regard to interbank rates, they remain in line with the key rate of 1.50%, AGR said, adding that the Repo JJ rate, represented by the MONIA index (Editor’s note: the weighted average rate of repo transactions overnight) fell to 1.43% this week.
In addition, BAM’s total weekly intervention amounted to 88.5 billion dirhams (MMDH), i.e. the entire banking demand, the note specifies.