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Bank Al-Maghrib monetary policy

Updated 2 times since CLSTR started tracking revisions of this situation.

What changed

2026-09-23 16:18 UTC → 2026-09-25 04:55 UTC · added removed

On September 22, Bank Al-Maghrib confirmed expectations by maintaining its decision to maintain the benchmark interest rate at 2.25% during its third quarterly meeting of 2026. The decision follows a period central bank cited high levels of global geopolitical uncertainty regarding the economic outlook and fluctuating commodity prices. geopolitical tensions affecting global supply chains as primary factors for this decision. Economic projections for Morocco indicate a growth rate of 4.4% in 2026, representing a deceleration from the 4.9% recorded in 2025. Growth is expected to slow further to 2.9% in 2027, a trend largely influenced by agricultural cycles. The While the agricultural sector is anticipated to see a 16% rebound in 2026 due to improved cereal harvests, followed by a decline non-agricultural activities are forecast to experience slower growth. Growth is expected to slow further to 2.9% in 2027. Inflation is expected to remain moderate, averaging 0.7% for 2026 before rising to 1.5% in 2027. This stability is attributed to low food prices and government subsidies for transport and energy, including the maintenance of fixed prices for electricity and butane gas, which have mitigated the impact of rising international energy costs. While the energy bill is projected to rise by 28.4% in 2026, strong performance in sectors such as tourism, automotive exports, and phosphates is expected to provide economic support. In the foreign exchange market, the Moroccan dirham has shown mixed performance, strengthening slightly performance. During the July-August 2026 period, the currency strengthened by 0.2% against the euro in recent months while weakening but declined by 0.6% against the US dollar and the Chinese yuan. dollar.

Versions

  1. 2026-09-25 04:55 UTC Bank Al-Maghrib monetary policy
  2. 2026-09-23 16:18 UTC Bank Al-Maghrib monetary policy
  3. 2026-09-22 19:04 UTC Bank Al-Maghrib monetary policy

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