Bank Al-Maghrib keeps key interest rate unchanged at 2.25%

The Board of Bank Al-Maghrib (BAM), meeting Tuesday in Rabat, decided to keep its key interest rate unchanged at 2.25%, citing an inflation outlook that remains consistent with its medium-term price stability objective.

The decision also reflects the continued momentum of economic activity and the high degree of uncertainty surrounding the global economic outlook. «The Board deemed it appropriate to keep the key rate unchanged at 2.25%,» BAM said in a statement issued after its second quarterly meeting of 2026.

According to the central bank’s updated forecasts, inflation, which averaged around 0.8% over the previous two years, is expected to reach 1.5% in 2026 before rising to 2.1% in 2027.

Core inflation is projected to remain subdued at 0.2% this year, mainly due to lower food prices, particularly olive oil. As this effect gradually fades and imported inflation picks up, core inflation is expected to accelerate to 2.9% in 2027.

Inflation expectations have also increased only modestly. Financial-sector experts surveyed by BAM in the second quarter of 2026 expect inflation to average 2.2% over both the next eight and twelve quarters.

Meanwhile, the central bank forecasts that Morocco’s economic growth will accelerate from 4.9% in 2025 to 5.2% in 2026, before easing to 3.1% in 2027 due to a base effect.