The HCP predicts a deceleration of the money supply in 2022

The growth of the money supply should slow to 4% in 2022, after 5.7% expected in 2021, according to the High Commission for Planning (HCP).

“The evolution of monetary aggregates in 2022 are based on the outlook for national economic activity and net external flows, in particular the trade balance, travel receipts and transfers from MRE”, specifies the HCP in its Exploratory Economic Budget 2022.

It also assumes, according to the same source, the renewal of the measures put in place by Bank Al-Maghrib in 2021 for the financing of the economy, in particular, the maintenance of the key interest rate unchanged and the total release of the reserve. compulsory from banks.

Thus, taking into account these assumptions, planned outflows from the Treasury abroad as well as an average level of net flows of foreign direct investments (FDI) of the order of 3% of gross domestic product (GDP), Foreign exchange reserves should stand at nearly 311 billion dirhams (billion dirhams) at the end of 2022 to represent 6 months and 9 days of imports instead of 6 months and 27 days in 2021.

Bank loans should increase by 4.4% instead of the 4% expected in 2021, the same source said, adding that claims on the central administration should continue to increase, in connection with the more pronounced appeal of the government. Treasury to the domestic market to cover its commitments for economic recovery.

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