Bank Al-Maghrib maintains key interest rate at 2.25%

Bank Al-Maghrib has decided to maintain its key interest rate at 2.25 percent. The central bank cited high levels of uncertainty regarding the economic outlook and geopolitical tensions affecting global supply chains.

Economic growth in Morocco is projected to slow to 4.4 percent in 2026, down from 4.9 percent in 2025. While agricultural value-added is expected to rebound by 16 percent due to improved harvests, non-agricultural activities are forecast to see a slower growth rate.

Inflation is expected to remain moderate, with a forecast of 0.7 percent for 2026 before rising to 1.5 percent in 2027. The central bank noted that the impact of rising international energy prices on domestic consumer prices has been limited by government support measures for transport and the maintenance of fixed prices for electricity and butane gas.

Regarding currency performance, the dirham showed mixed results in the July-August 2026 period, strengthening by 0.2 percent against the euro but declining by 0.6 percent against the US dollar.