Bank Al-Maghrib interest rate expected to remain at 2.25%

Moroccan institutional investors anticipate that Bank Al-Maghrib will maintain its key interest rate at 2.25% during its third monetary policy meeting of 2026, scheduled for September 22. According to a survey conducted by BKGR (BMCI Capital Global Research), 100% of respondents expect the rate to remain unchanged, viewing the decision as appropriate for the current economic climate.

Approximately 90% of surveyed investors rule out an interest rate hike under current conditions and expect the rate to remain at 2.25% through the end of 2026. This outlook comes as domestic inflation recorded a rate of -0.6% in July. While domestic activity remains steady, analysts note that external uncertainties, particularly regarding energy markets and the policies of major global central banks, continue to pose risks of imported inflation.

Regarding credit, 90% of investors expect strong growth in loan volumes during 2026, while 60% anticipate that lending rates will remain stable. Maintaining the current rate is seen as a way to support economic activity while preserving maneuverability for the central bank in response to shifting economic data.