In organizational terms, in addition to the Bank Board, which represents the highest authority in matters relating to monetary policy decision, Bank Al-Maghrib has two other bodies which contribute to the preparation and implementation process of monetary policy decisions: the Monetary and Financial Committee (MFC ) and the Money Market Committee ( MMC).
It meets on a quarterly basis based on an annual calendar specified and published in advance at the Bank website. The Board defines the orientation of monetary policy and decides on the interest rate level.
Chaired by the Governor of Bank Al-Maghrib , the Board is composed of the Director-General of the Bank, the Director of Treasury and External Finance (who does not take part in voting decisions on monetary policy) and six members appointed by the Prime Minister, three on a proposal by the Governor, among persons of recognized competence in monetary, financial and economic fields and who do not occupy any elective office, position of responsibility in a credit or financial institution of any nature or in public administration.
Monetary and Financial Committee (MFC)
Chaired by the Governor, the MFC is composed of the Director-General of the Bank and heads of the bank’s departments involved in the elaboration and conduct of monetary policy. The Committee meets on a monthly basis, according to a predetermined and published annual calendar, to review and validate the analyses and forecast relating to economic, monetary and financial trends.
For the preparations for the MFC preceding the Board meeting, a pre-MFC meeting is held in order to discuss macroeconomic forecasts and adopt alternative scenarios.
Money Market Committee (MMC)
The MMC is entrusted with implementing monetary policy decisions and monitoring money market trends. To this end, the MMC meets on a weekly basis to analyze the latest market trends and decide on the amount to be injected by the Bank based on its projections of banking liquidity.