Bank Al-Maghrib's Press Conference: Economic Situation, Inflation, and Growth Expectations
Mr. Wali of Bank Al-Maghrib discusses the economic situation, inflation, and national developments. Expectations for growth, trade balance, and banking credit are positive.
00:01:36 Press conference by Mr. Wali of Bank Al-Maghrib regarding the economic situation, global growth prospects, inflation, and national developments.
The press conference discussed the decisions taken by Bank Al-Maghrib regarding the earthquake and its impact on the country.
The international economic outlook shows a less favorable growth trajectory than previously expected, particularly in advanced economies.
Inflation rates are gradually decreasing, but remain relatively high compared to central banks' targets in advanced economies.
00:14:39 The press conference by the Governor of Bank Al-Maghrib discussed the deceleration of inflation and the projected growth rate for 2023 and 2024, as well as the trade balance and banking credit. Inflation is expected to decrease, while exports and investments are projected to increase.
📉 The inflation rate is projected to decrease from 6% in 2023 to 2.6% in 2024.
🌾 The agricultural sector is expected to contribute to a 5% growth in 2023.
📈 The export and travel receipts are predicted to increase in 2023 but decrease in 2024.
00:27:43 In this press conference, the Wali of Bank Al-Maghrib discusses the decrease in treasury debt and the challenges of financing earthquake relief. He also addresses inflation, monetary policy, and the impact of the global debt crisis.
📊 The level of the Treasury's indebtedness is expected to decrease from 61.6% in 2022 to 69.7% in 2023 and 2024.
💰 Different sources of financing, including transfers from the state budget, external funding, and internal financing, will contribute to the funding of earthquake relief efforts.
💹 There is uncertainty regarding the inflation cycle and the impact of the debt crisis, but the country's monetary policy will be aligned with international organizations and factors such as supply and demand.
00:40:44 The Wali of Bank Al-Maghrib discusses the reconstruction process after a seismic event, the progress of crowdfunding, and expectations for upcoming international meetings.
🔑 The reconstruction after the seismic event in Morocco will take 5 years, with priorities set by the government and the establishment of an agency to coordinate efforts.
💡 Flexibility in economic balances and collaboration with international organizations are crucial for successful reconstruction.
💰 A plan for financing reconstruction, including crowd funding, has been prepared and will be implemented through various platforms.
00:53:46 The press conference of the Governor of Bank Al-Maghrib discusses Morocco's achievements, future plans, inflation, and interest rates, highlighting the country's progress towards its target.
⭐ The press conference discusses the current state of the Moroccan economy and its future projections.
💹 The inflation rate is projected to decrease to less than 6% by 2023 and reach 2.6% by 2024.
🏦 The central bank is monitoring the decrease in exchange rates and maintaining stability in the banking system.
01:06:55 A press conference with the Governor of Bank Al-Maghrib discussing the impact of a seismic event on the financial stability and inflation in Morocco, as well as the role of insurance and banks in such situations.
⭐ The situation is difficult, and monetary policy needs to be adjusted accordingly.
💼 The impact of the earthquake on financial stability is being evaluated, considering the close connections between the banking and insurance sectors.
💰 There may be a rebound in economic activity, leading to an increase in inflation, and the insurance and banking sectors will be affected.
🌍 Efforts are being made to combat climate change and decarbonize the economy.
01:21:18 The press conference of the Governor of Bank Al-Maghrib discussed the inflation scenario for 2024 and potential monetary measures to support the economy. Future plans include reforming the banking law to adapt to technological advancements.
📈 The inflation forecast for 2024 takes into account various factors, including the state of public finances and budget deficit.
💰 The central bank supports measures for economic and social recovery, including increased lending and government guarantees.
📚 There are plans to review and potentially amend banking laws to adapt to technological advancements and international regulations.
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