Bank al-Maghrib interest rate remains at 2.25 percent

Economic growth is expected to accelerate and attain 4.4 percent in 2017 and to reach 3.1 percent in 2018, according to Bank Al-Maghrib (BAM) forecasts.

Driven by a rebound in cereal production according to estimations of the Department of Agriculture at 102 million quintals, agricultural inputs would increase by 13.4%, while the rate of non-agricultural GDP would improve by 3.1% to 3.3%, BAM announced on Tuesday after the quarterly meeting of its Board.

In 2018, the recovery in non-agricultural activities is forecasted to continue growing by 3.6% and, assuming an average agricultural season, agricultural input would decline by 0.9%, thus reaching 3.1%, predicts the Central Bank.

The Board of Bank Al-Maghrib (BAM) also decided on Tuesday to keep the interest rates unchanged at 2.25%. On the basis of their analysis, the Council has decided that the current level of 2.25% of the rate remains appropriate and decided to keep it unchanged, according to a Central Bank press release issued at the end of the 2nd quarterly meeting of its Board of Directors for the year 2017.