والي بنك المغرب لـ CNBC عربية: نتوقع تراجع التضخم بالمغرب إلى 2.6% العام المقبل قرب مستهدفات البنك
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00:00 In 2022, we will increase the rate from 6.6% to 6.9%.
00:06 This is not a big difference for us, it has been 30 years, since 1992.
00:11 Of course, this will affect the economy and the citizens.
00:18 In 2022, we increased the rate of the central banks, based on the model of the central banks.
00:30 We increased the rate from 2.2% to 50.2%, in December and March 2023.
00:42 In 2021, we increased the rate from 1.5% to 3%.
00:51 In June, we will hold a meeting to discuss the consequences of the decisions we have taken.
01:03 We will also discuss the consequences of the decisions and measures taken by the government to reduce the burden on the citizens.
01:13 And of course, on some private sectors that have been affected a lot by this.
01:20 Will you continue this direction in the future, in 2023?
01:25 We expect that in the middle of 2023, the rate of inflation will be 6%.
01:36 The highest rate was in February 2023, and we reached 10.1%.
01:43 Then it gradually decreased to the last number we have, which is the last drop, 5%.
01:49 But in the middle, according to the Moroccan Central Bank, it is 6%.
01:54 But what is important is that in the next year, we expect that the rate will drop by 2.6%.
02:03 This is getting closer to the target by the Moroccan Central Bank.
02:09 So, is there a need to increase the interest rate?
02:12 No, give me your date.
02:14 When the Council met in September, we said that the suspension would be extended from June to December.
02:28 But since then, the rate has dropped.
02:32 We took into account the consequences of the decrease, both economically and socially.
02:38 We said that we would decrease the rate from June to December, but in December,
02:47 we will have more clear figures for the impact of the recession,
02:54 as well as the economic damage to the foreign and domestic markets.
02:59 But we will also have the 2024 national balance sheet,
03:05 which was not available in September.
03:09 So, with all these data, December will show what will be left to extend the suspension,
03:18 or the Council will make another decision.
03:21 Do these measures consider the possibility of a new phase of the currency's price decrease?
03:26 No, we have decided since 2018 that the currency will be in a stable and stable market.
03:49 We have a first base, and we will pass it, and then the market will decide the foreign value of the dollar.
04:04 We started in the first place in 2018, and then the pandemic came.
04:10 In 2019, 2020, and 2021.
04:13 The national balance sheet was in the discussion framework, according to its fourth chapter,
04:19 which says that Morocco is not ready to go through the second phase.
04:26 I always tell them that we cannot go through the second phase in the framework of the crisis.
04:35 Then, in 2022, the situation returned to normal, and then the war broke out.
04:43 Now, in 2023, they have not put this point in the framework of the report they put in the discussion framework.
04:54 So, the national balance sheet is not looking at the issue of a new price decrease?
04:58 No, it is looking at the situation of the people.
05:06 You are the one who decides.
05:08 Yes, that's it.
05:10 But, for the appropriate time, as I told them, the problem is not that we are not ready, or the conditions are not met.
05:17 We need to implement the measures that will be implemented at this stage.
05:23 Of course, the people who deal with the economy and the people, etc.
05:29 We, from the structural point of view, have a very small number of institutions.
05:37 Because if we do not go through the second phase, it means that the first exchange rate will not remain.
05:45 It will be a monetary policy that will be controlled.
05:48 A monetary policy that will be controlled by the central bank, and that will change the price of the manager,
05:55 maybe in a faster way.
05:57 We are contemplating.
05:59 And they have not put it in their framework of their report or their report.
06:05 Finally, regarding the amount of contributions in the earthquake support and disaster fund, how many countries?
06:10 As I said, we have reached 1.5 billion dollars.
06:17 The contributions were inside, but they were also outside.
06:22 And from several people.
06:25 But you see that the contributions are not from people to people.
06:29 It is very easy.
06:31 The problem is that we do not follow the political process.