Here is the translation of the provided text into English:
- The monetary situation is characterized by an increase in the money supply supported by the growth of domestic claims;
- A greater financing of the economy, reflected by an increase in claims on the economy as a percentage of GDP.
Sources: MEPD; BCEAO
Evolution of the monetary situation
The money supply increased by 18.7% in 2021, 9.0% in 2022, and 3.3% in 2023. This consolidation of the money supply is attributable, in 2020, to all its counterparts, namely, net external assets and domestic claims, in connection with the mobilization of external and internal resources of the State. The money supply increased by 3.3% year-on-year, after a +9.0% recorded in 2022, reaching 17,440.1 billion at the end of December 2023. This decrease in the rate of growth of the money supply is linked to the unfavorable profile of the external situation, which led to a decrease in net external assets of 32.2%.
At the end of 2022, monetary statistics are marked by a 9.0% increase in the money supply (+1,391.2 billion) due to the combined effect of the decrease in net external assets and the increase in domestic claims.
Net external assets recorded a decrease of 320.3 billion (-7.6%) due to the rise in import bills. Domestic claims (+1,944.1 billion; +14.13%) increased due to the rise in net claims on the central administration (+1,276.8 billion; +27.7%) and claims on the economy (+667.3 billion; +7.3%), which would still benefit from the dynamism of economic activity and the strengthening of access to credit measures.
At the end of 2023, the money supply grew by 3.3% compared to its level at the end of 2022, reaching 17,440.1 billion, mainly due to a 12.5% increase in domestic claims, while net external assets decreased by 32.2%.
At the end of 2024, the money supply (M2) would increase by 9.1% (+1,583.6 billion) due to the combined effect of the decrease in net external assets (-14.1%) and the increase in domestic claims (+15.2%).
The increase in domestic claims would be attributable to both net claims on the Central Administration (+1,079.0 billion; +17.2%) and claims on the economy (+1,614.1 billion; +14.2%).
