Decision-making process

   
Monetary policy decisions follow a formal process, based on a predetermined schedule:

Preparation of the monetary policy decision
The process begins with a review and analysis of key economic, monetary, and financial indicators by the Bank’s staff. The results of these analyses are discussed at internal meetings, allowing for the identification of the necessary assumptions for forecasting the main macroeconomic aggregates, particularly inflation and growth. Once the projections are developed, a preliminary version of the Monetary Policy Report (RPM) is prepared for discussion and adoption at the pre-MFC meeting.
All this work is included in a version of the Monetary Policy Report (RPM), which is submitted to members of the Monetary and Financial Committee (MFC) for review.

Monetary policy decision-making
After considering all the remarks made by the MFC, the RPM is submitted to the members of the Bank's Board for decision-making. This document may be accompanied by other studies addressing aspects deemed useful for the monetary policy decision.

PREPARATION, DECISION-MAKING AND IMPLEMENTATION PROCESS OF MONETARY POLICY

   
Implementation of Monetary Policy
The Bank's staff implements the decisions and directives of the Bank Board, in line with the operational framework for conducting monetary policy. The objective is to ensure the proper functioning and steering of the interbank market through liquidity injection and withdrawal operations. Through these operations, Bank Al-Maghrib aims to fine-tune liquidity levels and keep the weighted average rate as close as possible to the policy rate, which is the operational target for monetary policy. Maintaining control over this target is therefore the first step in transmitting monetary policy decisions to other interest rates and, consequently, to credit.