The Central Bank of Morocco held its key rate at 2.25% in the second quarter of 2026, citing an inflation path consistent with medium-term price stability, consolidating economic activity and high global uncertainty. The rate has remained at 2.25% throughout the past year following 75 basis points of easing that began in June 2024. Inflation is projected to average 1.5% in 2026 and 2.1% in 2027 as higher energy costs and imported inflation feed through, while economic growth is forecast at 5.2% this year before slowing in 2027, with credit to the nonfinancial sector expected to accelerate. The current account deficit is projected to widen to 4% of gross domestic product in 2026, while official reserve assets continue to strengthen. The Middle East conflict has disrupted supply chains, intensified inflationary pressures and weakened the short-term global outlook, with oil prices expected to remain high despite prospects for gradual normalization of maritime transport. The central bank will continue monitoring domestic and international developments and make decisions meeting by meeting using the latest data.
2026-06-23Central Bank of Morocco
Central Bank of Morocco Holds Key Rate at 2.25%
The Central Bank of Morocco held its key rate at 2.25%, citing an inflation outlook consistent with medium-term price stability amid high global uncertainty. Inflation is forecast at 1.5% in 2026 and 2.1% in 2027, while economic growth is projected at 5.2% in 2026 before slowing in 2027.