MOROCCO, March 23 - Morocco is not experiencing a situation of stagflation, said, Tuesday in Rabat, Abdellatif Jouahri, Wali of Bank Al-Maghrib (BAM).

The Kingdom is not going through stagflation, "we are in a phase of inflationary pressure," Jouahri told reporters at a press briefing held546+ following BAM's first Board Meeting of 2022.

The inflationary pressure is felt, whether in developed or emerging countries, he added, highlighting the rising trajectory of inflation which has gone from 1.4% in 2021 to a forecast rate of 4.7% in 2022.

The year 2022 is marked by imported inflation, Jouahri noted, deeming it necessary to update more frequently the consumer price index (CPI) in this context.

According to the official, the decision to maintain the key rate at 1.5% is driven by the expected return of inflation to moderate levels in 2023.

Given the uncertainties related to geopolitical developments in Ukraine and their possible international and domestic implications, Jouahri stressed that the Central Bank will continue to closely monitor the evolution of the economic and financial situation and will regularly update its forecasts and analyses.

MAP 23 March 2022