Expected meeting on Friday – Key rate: towards the status quo

The Monetary Policy Committee will have to decide on the Key Rate at the end of its second meeting of the year scheduled for this Friday, September 15. The benchmark rate, currently at 4.5%, was raised five times before remaining unchanged on June 15. According to various observers, it will once again be a status quo as inflation is decreasing.

Indeed, as of the end of August, inflation stood at 9.6% (overall rate) and 5.9% (year-on-year rate), while at the beginning of the year, it was in double digits. Another reason that should tilt the committee towards a status quo is the high level of household and operator indebtedness in certain sectors, as a further increase in the Key Rate would affect their repayment capacity.

EVOLUTION OF THE KEY RATE:
– December 2021: 1.85%
– March 2022: 2%
– June 2022: 2.25%
– September 2022: 3%
– November 2022: 4%
– December 2022: 4.5%
– June 2023: 4.5%