Mr. Jouahri stated, during a press conference organised following the fourth and final quarterly meeting of the Bank Al-Maghrib board for the year 2024, that "the current easing cycle is likely to continue, but we make decisions at each meeting based on updated data," explaining that inflation, sectoral growth, the balance of payments, public finances, and external economic conditions are the main parameters being studied.
Conversely, he highlighted that uncertainties remain high, warning of the possibility of inflation rising again, especially in light of global economic and geopolitical risks.
When asked about the date of Morocco's next exit to international financial markets, the Wali of Bank Al-Maghrib indicated that it is expected to take place during the first quarter of 2025.
He believes that this operation, which was scheduled to take place at the end of 2024, was postponed to ensure more favourable conditions, highlighting that choosing the right timing is crucial, not only to ensure optimal interest rate conditions, but also to maintain Morocco's reputation with foreign investors.
He stressed that "we must ensure an optimal subscription is achieved and determine whether we can choose long or medium-term maturities."
Mr. Jouahri confirmed that the final decision rests with the Ministry of Economy and Finance, with which the central bank cooperates closely, and it is also based on an in-depth analysis of the development of international markets.
It should be noted that the Bank Al-Maghrib board decided to reduce the key interest rate by 25 basis points to 2.5 percent, taking into account the development of inflation towards levels consistent with the price stability target, as well as the strong uncertainties surrounding the economic outlook in the medium term, especially at the global level.
