Bank Al-Maghrib (BAM) keeps the key rate unchanged. At its meeting on Wednesday, the central bank council said the stance of monetary policy “remains largely accommodative”, ensuring adequate financing conditions.
It therefore judged that the current level of the key rate remains “appropriate” and thus decided to keep it unchanged at 1.5%.
this improvement reflects an 18.8% increase in agricultural value added, given a cereal harvest of 103.2 million quintals, and a 4.6% increase in the non-agricultural one. According to BAM, in 2022, growth would consolidate at 3%, covering a decline of 3.3% in agricultural value added, under the assumption of a return to average cereal production, and an increase of 3.6% that of non-agricultural activities. For its part, inflation should stand at 1.2% for the whole of 2021 and settle at 1.6% in 2022, according to forecasts by Bank Al-Maghrib.