Point de presse de Monsieur le Wali de Bank Al-Maghrib - 17 MARS 2026

In the name of God, the Most Gracious, the Most Merciful. I would first like to wish you all a happy Ramadan, especially these last ten days, and to present my wishes for good health and success in your noble mission. I also want to express the pleasure I have each time we meet, and to thank you for following the work of this institution, which we try to report with the utmost transparency and based on the most thorough analysis possible.

As usual, I will begin with an introduction and present the documentation you have, including the monetary policy report and the communiqué. I may move quickly through some points since we are all fasting and a bit tired after a long council meeting that lasted over four hours. I will try to review what I consider essential to save time for your questions and our exchange.

At its meeting today, the Bank Al-Maghrib council analyzed the national and international economic situation and the bank's medium-term macroeconomic projections. Internationally, it focused on recent developments related to the war in the Middle East, which is increasing already high uncertainty. Remember that uncertainty was already high due to the war in Ukraine and, of course, American trade policy.

The consequences of this war, already perceptible on financial markets, particularly commodity prices and especially energy, will depend largely on its duration, scope, and intensity. The council emphasized that the data and analysis will change depending on these factors.

Nationally, this war will not be without consequences, particularly through external accounts channels and especially energy prices. According to Bank Al-Maghrib's preliminary assessments, the impact would be relatively contained in the scenario of a short-duration conflict, but could be more significant otherwise.

That said, the strong momentum of non-agricultural sectors, driven by investments in economic and social infrastructure, should continue. Agricultural production should see a notable rebound thanks to exceptional weather conditions in recent months. Regarding inflation, it has been at low levels in recent months due to improved supply of certain food products and lower fuel prices.

In the medium term, after these effects dissipate and with the expected rise in oil prices in the central scenario, inflation should gradually accelerate while remaining at moderate levels. It would remain almost stable year-on-year at 0.8% in 2025-2026, then reach 1.4% in 2027.

Inflation expectations have decreased. Financial sector experts surveyed before the outbreak of the war in Iran, as part of Bank Al-Maghrib's quarterly survey, projected an average rate of 1.5% at the 8-quarter and 12-quarter horizons.

Regarding the transmission of the council's previous decisions, the cumulative reduction in lending rates for bank credit to the non-financial sector between the start of monetary easing in June 2024 and the fourth quarter of 2025 was 60 basis points, compared to 75 basis points for the policy rate.

Taking into account: 1) the continued strong economic activity, 2) the moderate expected inflation levels, 3) the high uncertainty surrounding international prospects, and the results of stress tests conducted by the bank for the national economy, the council deemed it appropriate to maintain the policy rate unchanged at 2.25%.

It will continue to closely monitor domestic and international conditions, particularly developments in the Middle East and their consequences for economic activity and inflation, and will base its decisions meeting after meeting on the most up-to-date data.

Global economic growth. I'll start with the international situation. Global economic growth was estimated at 3.3% in 2025 and should return to 2.9% this year before rising to 3.1% in 2027. In the United States, growth should remain robust at 2.3% this year, almost unchanged from 2025, before slowing to 1% in 2027, particularly due to geopolitical and budgetary risks and uncertainty surrounding midterm elections.

In the eurozone, growth should decelerate from 1.5% to 1.1% in 2026, then rise to 1.5% in 2027, notably due to expected fiscal easing in Germany. In China, after reaching the 5% target in 2025, growth should moderate to 4.5% in the medium term due to structural challenges. In India, the growth rate should slow from 6.7% in 2025 to 6.4% in 2026, due to expected weakening of external demand, before recovering to 6.7% in 2027.

On the labor market, signs of moderation are multiplying, particularly in the United States. The unemployment rate would rise from 4.3% in 2025 to 4.4% this year, then to 4.5% in 2027. In the eurozone, it would remain at 6.3% this year before rising slightly to 6.4% in 2027, with widely contrasting levels from one country to another. You have the details in the presentation we will distribute. Of course, the highest rate remains in Spain, though it is decreasing, falling from 12% in 2023 to 10% in December 2025.

On international commodity markets, price evolution prospects remain very uncertain and subject to upward pressures. Brent prices, in particular, should, according to Bank Al-Maghrib's central scenario, rise from $68 per barrel on average in 2025 to $79 in 2026, before falling back to $64.5 in 2027.

For phosphate and its derivatives, DAP prices of Moroccan origin should rise to $816 per ton in 2026, driven by continued restrictions on Chinese exports and disruptions in global trade of ammonia and essential inputs for their production, before returning to $700 in 2027. In contrast, phosphate prices of Moroccan origin should see a slight decline over the forecast horizon.

Regarding food products, after a 4.3% increase in 2025, the FAO index should see a 2.3% decline this year before rebounding by 3.4% in 2027. Global inflation should temporarily accelerate to 3.3% in 2026 before returning to 2.9% the following year. In the eurozone, it would be slightly above the 2% target in 2026 and approach it in 2027. In the United States, it would continue to evolve above the Fed's target, reaching 3.2% this year and 3% in 2027.

Regarding the orientation of monetary policies of major economies, the Fed maintained the federal funds rate target range at 3.375% at its January 27-28 meeting, after three cuts in 2025, indicating that available data suggest economic activity has progressed at a sustained pace. I will add that the Fed met yesterday and today, and we await its decision today. It will be interesting to see what decision it takes, given that the president is once again urging it to cut rates.

Similarly, the ECB decided at its February 4-5 meeting to keep rates unchanged for the fifth consecutive time.

Nationally, regarding macroeconomic prospects for inflation, as I indicated, inflation has been evolving at low levels. After an average rate of -0.2% in the fourth quarter of 2025, inflation came out at -0.8% in January 2026. This evolution mainly reflects the decline in the core component to 1.5% year-on-year instead of 1% the previous quarter, essentially due to the deepening decline in oil prices to 25.4% year-on-year.

This is very important because oil prices and their evolution, with the exceptional harvest, have greatly influenced the low inflation levels we recorded. Similarly, fuel prices fell by 10.7% after 5%, and volatile food product prices rose by 2.6% instead of 3.5%. The increase in regulated tariffs rose very slightly from 0.4% to 0.5%. You will see the evolution of core inflation in the table.

As I indicated, inflation will end the year overall at 0.8%, and 2026 will also be at 0.8% before rising to 1.4% in 2027. I'll skip the details to save time, but you have them in the presentation, and you can come back to them during your questions.

Regarding national economic growth, according to Bank Al-Maghrib's projections, the national economy's growth saw a clear improvement to 4.8% in 2025, should be at 5.6% in 2026 before slowing to 3.5% in 2027. The very favorable weather conditions this year should translate into a clear increase in agricultural production.

The harvest of the three main cereals would reach, according to Bank Al-Maghrib's estimates based on a sown area of 3.9 million hectares, agricultural production of 82 million quintals. Under these conditions, Bank Al-Maghrib projected growth of 5% in 2025, based on a rebound in agricultural value added of 14.4%. We are not far from what the government announced, which was 15%, followed by a 5.3% decline in 2027, assuming a return to an average cereal campaign.

For non-agricultural activities, thanks notably to the investment momentum in economic and social infrastructure, growth will remain robust at around 4.5% in both 2025 and 2026-2027.

Regarding the labor market, the national economy created 100,000 jobs in 2025 after 82,000 the previous year. In the fourth quarter, year-on-year job creation reached 347,000, with the exception of agriculture, which saw a loss of 40,000 jobs. Other sectors recorded job creation of 123,000 in services, 64,000 in construction, and 40,000 in industry.

Taking into account the working-age population evolution, the activity rate stabilized at 43.5% nationally, and the unemployment rate fell from 13.3% to 13% nationally. It fell from 16.9% to 16.4% in urban areas and from 6.8% to 6.6% in rural areas.

Regarding external trade, the expected rise in commodity prices should lead to a widening of the current account deficit from 2.3% of GDP in 2025 to 3.1% in 2026, before an expected narrowing to 2.5% in 2027. I can very quickly indicate the most significant figures.

First, the energy bill will have to increase in 2026 to nearly 125 billion dirhams, then fall back to 110 billion in 2027. Similarly, equipment goods acquisitions should grow at an annual rate close to 10% through 2027, driven by investment momentum.

After a 2% contraction in 2025, automotive sector shipments should grow by 13% this year and 19% in 2027, reaching 209 billion dirhams in 2027. Similarly, phosphate and derivative sales will continue their upward trend in 2026, followed by a decline in 2027 to 108 billion dirhams. So automotive shipments around 210 billion and OCP around 110 billion.

In parallel, after exceptional performances in 2025, tourism receipts would continue to improve, reaching 158 billion in 2027, and MRE transfers would consolidate at 129 billion that same year. Regarding FDI receipts, projections are based on an annual flow equivalent to 3 to 3.5% of GDP.

Regarding external assets, taking into account the Treasury's planned external financing, official reserve assets would continue to strengthen, reaching 473 billion at end-2026 and 482 billion in 2027, ensuring the equivalent of 5 months and 20 days and 5 months and 23 days of imports of goods and services, respectively.

Regarding the dirham's value, Bank Al-Maghrib's quarterly assessments indicate that the national currency's value remains broadly aligned with economic fundamentals. The effective exchange rate should see a nominal depreciation of 1.4% this year, followed by a slight appreciation of 0.3% in 2027. Given lower domestic inflation compared to main trading partners and competitors, it would show a real depreciation of 3.7% in 2026 and 1.1% in 2027.

We conclude with the banking and monetary sector. Credit to the non-financial sector grew by 4.7% in December 2025 compared to 2.6% a year earlier, mainly driven by a 13.9% increase in equipment loans to private enterprises. This evolution was accompanied by a decline in the non-performing loan ratio to 8%.

Taking into account the expected economic activity evolution and the banking system's expectations, the pace of bank credit to the non-financial sector should accelerate to 6% in 2026 before returning to 5.1% in 2027.

Regarding public finances, 2025 saw a 15.3% increase in ordinary revenue, driven by a significant rise in tax receipts. In comparison, total expenditure increased by 11.8%, reflecting the growth in goods and services spending.

Given these results, the 2026 finance law data, and the 2026-2028 triennial budget programming, the budget deficit, after the sale of state participations, should, according to Bank Al-Maghrib's projections, continue its downward trajectory, falling from 3.6% in 2025 to 3.5% this year and then to 3.4% in 2025-2027.

Treasury debt should gradually ease, falling from 67.5% of GDP in 2025 to 65.3% in 2027, or 1,243 billion dirhams. Its domestic component would decline from 49.8% of GDP in 2025 to 46.8%, a 3-point decrease, or 891 billion dirhams, while the external component would increase from 17.7% to 18.5% in 2027, or 351 billion dirhams.

I believe I have covered all the essential elements regarding the points analyzed by the council. Now I am at your disposal for your questions and suggestions. As usual, right and left, and I will start with the women before the men. Alright? There aren't many women on the right, no questions from the women. Go ahead.

We take a number of working assumptions, since the main problem now is energy prices, because it impacts many other sectors, notably transport and services. We start by looking at working assumptions. We have surveyed all the assumptions made by international organizations, banks, and government agencies. There's everything.

I'll take the futures contracts for Brent: end of March $100, second quarter 2026 $93, third quarter $85, fourth quarter $79. Goldman Sachs on March 13: $93. On March 12, in one day, they revised their forecast from $61 to $93 per barrel. Oxford Economics put it at $140, a level likely to trigger a global recession if maintained for 2 months.

I continue. Bank of America made assumptions of $67, $100, $130. The Americans themselves, the US government: $79 in 2026, $74.50 in 2027, etc. You see the range of assumptions goes from $140 to $70, double. So there's a lot of uncertainty around these assumptions.

And of course, whichever assumption you take, the impact and consequences are not at all the same. So for us, we try to see what is essential. First, there's the import-export channel, especially the energy bill. We had an energy bill that went from 110 to 125, but if you go to a higher figure, it could easily reach 150 billion dirhams.

So you see, these are what we stress. We take central assumptions that for the moment say it will be short-term. We took around $80 for the central assumption. We stressed at $100. Then we said, well, you can do what you want at $130 or $140, and that requires waiting to see how things evolve. Will it last? The Iranians say they are willing to endure 6 months, the Israelis say 2 months, the Americans want to go fast. How will it happen? No one knows.

So that's what we're doing. We see their impact on both the balance of payments, inflation, and the budget because of compensation. When you reach $100, will the government pass the overall increase on to the consumer, or even more so at $130? These are all working assumptions. How will the real situation present itself? That's why we said our decision will be made meeting after meeting with data updates. We need to update the data, and we also decided to potentially schedule an exceptional meeting, either remotely or in person, if the data and situation require it.

That's a bit about the stress test. Now, regarding SMEs and the crowding-out effect, we took things a bit in advance. If you remember, in December here, I spoke to you about the SME charter. We held the first meetings. There will be a meeting next week, especially focusing on support and giving the lead to Maroc PME for accompaniment.

On the other hand, the second important point was scoring. We have finalized the work with the credit bureaus and now have a solution we will present to banks regarding SME scoring. These were the two elements that could help accelerate SME cases.

I must add to this what I already said in December. Tamwilcom has improved the guarantee coverage rates for SME credit, going from 70% to 60% to 75%. And for women-led entities, it went up to 80% guarantee level. I also said in December that we do not think there is a crowding-out effect regarding SMEs and bank credit.

On the contrary, we said we need to make SME projects more bankable so they can access financing, rather than a crowding-out effect that would come from the uncertainty situation and the fact that there is a lot of investment and infrastructure financing that might take the lion's share of bank financing.

We gave a very simple example: we evaluated the potential for guarantee mobilization at Bank Al-Maghrib and found that the lines mobilizable at Bank Al-Maghrib through the banking system could reach 400-450 billion dirhams, while we are currently around 150-160 billion. So the margin is still large, and banks can still refinance, they have margins. We are working to make cases more bankable, more easily bankable at banks, and with these two converging factors, we do not think there would be a crowding-out effect at the SME level despite this situation.

Good morning. Your Excellency, the concern is that if the war continues for months, as expected, there will be an economic recession and an impact on imported raw materials, especially for large companies working on World Cup projects, or medium and small enterprises, or even citizens whose purchasing power is rising and is already high, despite the inflation rates you report as Bank Al-Maghrib and the Ministry of Finance being accounting figures rather than realistic ones. What measures need to be taken to maintain the balance, support transport, or the purchasing power of citizens through wage increases or other measures, especially if the war continues for months?

Look, I'll discuss. Unfortunately, for the past 15 years, our situation has been such that the measures taken, whether on the government side or the monetary side at Bank Al-Maghrib, despite the crises, the government's measures to support families, tourism, transport, and social dialogue, things were done. We ensured that the balances remained, as I told you, the balances are the responsibility of the state, especially now in the current situation.

First, everyone is busy with the crisis. The major crisis. We don't have... I'll tell you. The balances have their foundation, meaning social reforms. Despite the fact that they tell us there was no crisis and we had success, it came... before... or in difficult times there were 13... immediately in 2020 we used it. We didn't use it, we had 30 billion against 30... and you have months... this guarantee. But 1003... we can with the mission that was here, the IMF, if we renewed it and the International Monetary Fund... things that exist and are under us, I told you we took the experience, we took one... the situation went... the borders went... this is it.

The government's policy, for us, the ministry... the first and second meetings were held. Mr. Governor Soufiane Majdoub always says with certainty about the global economy, and given the link between the purchasing power of Moroccans, will Bank Al-Maghrib update its inflation forecasts from now until the end of the year, or are you, as we said, following developments day by day? And can the rise in fuel prices bring back Moroccan inflation to the levels Moroccans fear, the rise they see in fuel prices returning to the inflation rates from last year when basic food prices rose? And what are the most prominent measures you see need to be taken urgently to reduce the severity of this crisis's repercussions? And also regarding the digital dirham, we reached last year... with the IMF and the World Bank, you saw us... implementing it, we took... the supervisor... the Secretary General's observations... close... the digital... it has limits... for us this direction, as I told you before, is not a short-term matter, we need to think about it, we need to think about it on the medium term, medium term five years and above to the end. Our priority is to reduce cash and have digital, because cash rose in 2025... it rose 15%... we had reached 5... 26... 25... 24-25%... we enter with mobile, expand financial inclusion... proximity... and study... and I sent it to the head of government, I sent it to the finance minister, the minister of course, I told them we gave suggestions, we told them we are ready to discuss this quickly because...

Naturally, this cash will enter the normal financial channels. This can further finance Moroccan projects and companies. Regarding this energy and its impact, as I told you, I gave you a page of everything. One should follow us monthly through the figures we publish. Naturally, within this framework, these figures will be known. I don't think that regarding inflation, we will reach figures that exceed the 2% target. As I told you, it's 0.8% and 0.8%. We are monitoring 26% and 27.4%. Naturally, in the coming months, we might reach figures that would require basic measures.

Before we rise, we reached 640. The annual average, which naturally increases monthly. Competition. We think every month. I read books and see what figures they publish and compare them with our internal figures. We say 80 dollars on average annually. It goes up. From the end of 2025 until these last days, when the war on February 28th, two weeks, the third week. Prices rose quickly or fell. This is the work of the Competition Council. I think it is subject to public scrutiny, as the report is published clearly and gives figures according to what was agreed with the fuel distribution companies.

I look at the economy, at companies, at families, at sectors that are quickly transported to the end. You saw how the brothers answered, they are a bit hesitant and a bit slow to advance. This is what we judge. 100%. Finance. We told them every week, the meeting every week, the figures every week, the impact. It concerns growth and the budget. It is essential that we follow. Naturally, we will also put things before the government that must take the decision. It will take it naturally. As I said, we saw the floods. You saw what happened in foreign countries. You saw Spain, look at Morocco. We are positive.

Oh la la, I cannot claim that. No, no, don't believe it. What I can tell you is that first, we ensure the maintenance of the value of the dirham. We tell you, our logic is a policy of a strong dirham. The dirham is strong because macroeconomic balances are maintained, each in its own domain. The budgetary policy has maintained a sustainable budgetary policy with a decreasing debt. On our side, we have had a very accommodative monetary policy. And what this means is that on the external level, whether it's the rating agencies or the International Monetary Fund, we signed a flexible credit line. That is, you have both the recognition and respect of organizations for your seriousness, your policy. We can draw without condition from the IMF, I draw the 5 billion dollars, because the economic fundamentals are good. The economic fundamentals are solid. The economic fundamentals are evaluated by several poles around the world. Whether it's the pole of international organizations, the pole of rating agencies, or the pole of external investors, and of course the market. So, that's why I tell you, a pillar of stability. No, I participate in the stability of macroeconomic balances fundamentally. There is the budgetary policy, there is the monetary policy, and there is also the financial stability of the country in its entirety. This includes a solid banking system, a resilient banking system. A banking system capable of taking the risk of accompanying operators. All this is necessary, it must not be forgotten. God willing, we are going to finish a work on the entire period starting from 1960. We trace a bit of the economic trajectory of the country, focusing on the past part of the structural adjustment program and arriving at the periods where we find the LPL, the LCL, the signing of a flexible credit line with the IMF. We have worked a lot, but future generations must be able to continue working in this direction. Because ease is a very, very, very, very fast slippery slope. It's hard sometimes, sometimes we are forced to take measures that are not popular, but we must never give in to ease, never. So, that's why if we have been able to consolidate or participate in the consolidation of these balances and the economic stability of the country, so much the better for us, so much the better for all those who contributed, not only Bank Al-Maghrib, there are all the other regulators, all the other ministries that are directly concerned, both on the level of internal and external trade imbalances, finances of course, investment of course. And obviously, all this can only happen because there is security, there is stability, and because the rating agencies, even though they look at macroeconomic aspects, they start by saying it's a pole of stability, it's a pole of security. The monarchical regime is a regime that associates Moroccans and unites them. And that is why it is a fundamental element. Except that as soon as there is no security, stability, investment. So economic stability is linked to political stability, to security. And economic stability ensures the conditions to offer your population living conditions that are now, of course, all the social reforms His Majesty has introduced and which are important. The fact of being able, regarding the distribution of wealth, the distribution of growth, to be done in an increasingly equitable manner, especially towards middle and low-income populations. It's a bit of all the aid that is made at the level of vulnerable households and which still touches a huge number of Moroccans. If you take 5 million households and that the 5 million households, 4 to 5 million, 4.5 according to the last census, 4.5 times 5 million, you have what, 22 million Moroccans who are touched. So it's a bit of that, and that's solidarity, and that's also what must be ensured in this country, a more equitable distribution of the fruits of growth, but at the same time a consolidation of the solidarity that binds Moroccains. And we see it. If this solidarity played out over 12 months, it would be something extraordinary, very honestly.

The European Commission has validated the agreement we had with the French. Immediately, the task force led by the Ministry of Foreign Affairs, we started with Holland and Belgium. Next week, we will have Italy and Spain. Germany is a bit in the background because we don't have much, but there is also especially Spain and Italy. So we continue. But the fact that the agreement we first had with France continues allows our banks to continue the relay operation without major difficulty and is already an important asset for us because it greatly influences decisions at the level of other countries. So we continue, the task force continues its work. So as I told you, there was a first trip to Holland and Belgium. It continues the discussion with these two countries and we are starting the first discussions with Spain and Italy. We remain confident. We remain confident.

Hello. The interest rate decision, especially for small and medium-sized enterprises. Look, this is part of the things that contribute to their financing. As I told you, we took the charter, we asked the banks to commit to certain figures for loans to companies. But we also help them to advance from the banks. I told you, the things we did are the monitoring and training of them, and this is fundamental. Then we cleaned up the scoring. We cleaned up with the credit bureaus. Next week with the banks, the banks will be involved. And now we are on the monitoring side. We think about financing. And we need this training in Casablanca, in Rabat, in these major cities. But when you go to remote areas or remote regions, that's where the problem is. But this is a fundamental issue.

Peace be upon you. Perhaps I said there is high uncertainty, but there are moderate inflation forecasts and good economic activity, taking into account the rainfall and agricultural activity, which will likely be a good and promising season. The government forecasts have shifted. Perhaps the balance, the domestic one, is that the fire in the Middle East. What is the consideration we went with? Maintaining 2.5%. Look. The data. Morocco. All this data, given that... I will add to you. Taking into account. It's not... The data. The details. For example, the foreign reserves, we tell you it covers five and a half months or six months and so on. What is its composition? Is it from Moroccans abroad? Is it from exports? The figure. In transparency, trying to be as rigorous as possible in the approach we take. No. Your weight goes in the direction or maybe the direction. No, it's not like that. The situation will be... I have... Or other... The situation. On the contrary. The two sides.

Maroc Telecom. Until now, they have not, they are in discussion with the seller, but until now they have not submitted a file with us. Until now, as there is a change of majority control, automatically it's a new approval. So the approval file, until now. As for the second one, they were or they weren't. Bank Al-Maghrib welcomed them and they came to ask questions. What is the banking structure that exists in Morocco? They requested to come and so on. Ramadan. Which is French and we know. Générale France.

The short-duration and long-duration scenario is determined by politicians, not by me. I listen to what politicians say, I try to analyze. Obviously, we are not alone. The IMF itself, with the World Bank. Before yesterday, we had a call with the officials of the IMF, and the same points, they are also still asking them. In April, they will release their figures. I gave them to you previously. Still. Months. Going. Because I told you. When this war is fierce and there is even the UN and even the logistics. A little. But I don't think I said. From here. It's the board meeting. Things that make us see. And without a doubt, this is what the American requested from the Europeans and from Japan and Korea and others. If the discussion is long, it will be around the length. Diplomacy. It has started to take precautionary measures, especially remote work and there are voices that the reception of capital might be hesitant. Work. So the situation of these people is that it works, it works remotely. This is what we saw in other crises. Other crises taught us a number of things. This money thinks, it brings. I heard the trust. With myself, the decisions. The speed. The week. The song. Please.

The proposal. The form. Of the state. 18. We asked the international question. Are you sure that these revenues will enter the normal revenues of the state budget? He told you. After. After the annual. God is great. Your question. Our Morocco. It's not 2018, you saw what it was and you took it in the framework of successive years. It never died, today I will say peace. What we finished. Next year it's over. And a year. It is not appropriate. This. The observations were made in the board that reviewed the Bank Al-Maghrib file and they noted these problems. These problems that you mentioned, that they want part of the financing to enter the framework of the budget.

No. Look at them. Especially in what. From 3% and we went up to 3.5%. 5%. National. And now. One of the things that in. Of cars. And we worked. That a crisis. They are. The companies that are here. The mail that must be appropriate. That it is not permanent or so. Look. As I told you, look at stability, look at security, look at the things, look at the financing of money laundering. Look at them. But within the framework of attracting investments, and naturally, investments. You must benefit from the framework of its technology, its training. Doctor, naturally, regarding these investments that we estimate. How much? 190 billion dirhams from here to 2030. Morocco cannot finance alone, it must go through its friends or has strategic relationships with them and so on, they will contribute to the financing of these investments. And for us, why investments? Investments are to accelerate growth and job opportunities for our youth to find their job opportunities and social stability. This is the challenge.

No, in my opinion, on the contrary, for me the main positive element is the support for the financing of the country's economic activity. Besides, when banks refinance with us and we say for years, since even Covid, we give banks, we refinance banks the entirety of their demand from us. The entirety. From a financing point of view, that means it's for the. For me, the main indicator is that the increase, and that's why we closely follow credit to the non-financial sector and to non-financial sector enterprises. And we also follow credit to households. At the household level, we have safeguards through the studies we do at the end of the year on real estate credit, consumer credit, housing credit, which allow us to see if there is over-indebtedness or not of households. Regarding companies, of course, the company is able to manage its financing needs itself. But what you say is true, but we have had periods of overheating. As you said, the period of overheating was 20 years ago, in 2006-2007, we saw credit increasing by two digits, 23, 24, 25, 26% annually. And it was the period when the real estate and real estate promotion sector collapsed. Of course, we follow that. The index is an index that reveals to me that the requests banks make to me are to finance the economy, and we follow it. But on the other hand, we also look at this financing when it comes to households. I see if there is over-indebtedness through the monitoring of two sectors in particular, which are housing and consumption. And on the other hand, regarding the companies, I also see non-performing loans. Which sectors are suffering? Why? Is it conjunctural problems? Is it management problems? Is it structural problems that arise, etc.? So we try a bit there too, saying it's for the financing of the economy to see that it's the right financing of the economy. There you go. Yes.

What you're telling me, if there wasn't the war, what would I have done? Well, listen, we don't work like that. I didn't do it. I didn't make that hypothesis. We analyze, what is our mission? Our mission is to ensure price stability given what is happening inside and outside. I don't do art for art's sake. I don't say 'Ah yes, but if it hadn't been done, what would I do?' What's the use? What will it serve me? In fact, I was talking about the board, Mr. Governor, and if the board was unanimous on the decision to keep rates as they are, knowing that you were in a path. You asked the two questions there. There, you asked the two questions. I answered the first one. We don't do art for art's sake. My stability and my monetary policy, I follow it closely based on what influences this stability. I'm not going to make hypotheses and waste my time making hypotheses that don't exist. Continue, I work with what exists and then I update it as I go. I update it. Now, the decision was taken totally unanimously without reluctance, that is, spontaneously going one after the other. Everyone was unanimous in keeping the rate unchanged. Now, what you tell me about the Gulf countries, all this falls under the policy of each state based on the situation it knows and the conjuncture it is going through and the priorities that are in front of it. From there, obviously, it sets its strategy. Now, they are first, it's obviously to secure their country, secure their population, establish their existence. I think that's their priority. They did nothing. They were hit by ricochet from Iran. They didn't hit Iran. They were hit by Iran. There, I don't touch you but I touch the bases, etc. Well, at that moment, each is free to establish the relationships it wants. It's part of the sovereignty of each state. Each state does what it wants and there are parliaments, there are parties, there is everyone. So I don't think that the prioritization, in my sense, especially now, is to establish both the security, the stability of the countries and obviously the good understanding at the level of the whole that constitutes the Gulf countries and who for us are quality partners and who invest in our country. Consequently, we also follow closely what happens to them. Hoping that all this will be of very short duration. There you go, I thank you. All my wishes for a lot of health, a lot of success, a little yes. Laughter. Okay. Thank you.