Heba Press/. And MA
The Governor of the Bank of Morocco, Abdellatif Jouahri, confirmed today Tuesday in Rabat that the future decisions of the Central Bank regarding the main interest rate will depend on the economic situation which remains unclear.
At a press conference following the third quarterly meeting of the Board of Directors of the Bank of Morocco for the year 2024, Mr. Al-Jawahiri said: “We must not act in haste, otherwise we risk changing course abruptly later.”
He added that “a responsible central bank is wise,” stressing that monetary policy is concerned with macroeconomic balances, which directly affect inflation, which in turn affects the value of the dirham, and therefore purchasing power.
Accordingly, the Council considered it appropriate to maintain the current monetary policy stance, keeping the key interest rate unchanged at 2.75 per cent, while continuing to closely monitor economic and social developments.
He stressed that banks’ liquidity demands will be fully met even if the key interest rate remains unchanged.
Mr. Al-Jawahiri explained: “If banks express the need to finance investments or meet the demands of the private sector, the Central Bank will provide them with the necessary amounts.”
He stressed: “Currently, we are allocating 151 billion dirhams, and the amounts that banks can obtain from the Central Bank, based on the guarantees they provide in the form of a portfolio, can reach 400 billion dirhams.”
