Monetary growth slightly decelerated in the second quarter of 2024, increasing by 4.3% year-on-year, compared to a 4.4% rise in the previous quarter. The demand for bank liquidity remained high, though slightly eased due to a slowdown in currency circulation compared to the same period last year. Official reserve assets accelerated by 7.9%, and net claims on the central administration continued to rise, reflecting a 0.6% increase in the Treasury’s monetary debt.
Continued deceleration in economic loans
Economic loans slowed down once again, with their outstanding amount rising by 4.9% year-on-year in Q2 2024, down from 6.2% in the previous quarter. This deceleration was mainly due to a slowdown in corporate treasury and equipment loans, as well as in household housing loans. After pausing its monetary tightening policy by keeping the key interest rate stable at 3% for five consecutive quarters, Bank Al-Maghrib reduced the rate by 25 basis points to 2.75% in June 2024. This decision came amid a significant easing of inflationary pressures nationally. Interbank market interest rates stabilized at the key rate, with their average level decreasing by one basis point year-on-year. Concurrently, rates significantly declined in the Treasury bond auction market, with 5-year and 10-year maturity rates dropping by 72 and 80 basis points, respectively. Meanwhile, creditor rates limited their increase to an average of 2 basis points. In the foreign exchange market, the dirham appreciated by 1.6% against the euro and 0.5% against the US dollar.
