The Central Bank of Morocco held its key policy rate at 2.25% in its third quarterly decision of 2026, citing moderate medium-term inflation, expected consolidation in non-agricultural activity and very high uncertainty. It has held the rate at 2.25% at every quarterly decision since September 2025. Inflation averaged 0.3% in the first eight months of 2026 and is projected at 0.7% for the full year before rising to 1.5% in 2027, while national economic growth is expected to slow to 4.4% and 2.9%, respectively. Credit growth to the non-financial sector is projected to accelerate significantly in 2026. Higher energy and input costs are expected to widen the current account deficit to 4.6% of GDP this year before it narrows to 3% in 2027, while official reserves are forecast to strengthen and remain equivalent to five and a half months of imports. Globally, conflicts and supply-chain disruptions are lifting commodity prices and inflation, although artificial intelligence investment and higher public spending are supporting relatively resilient growth. The central bank said it will monitor domestic and external developments closely and make decisions meeting by meeting using the latest available data.
2026-09-22Central Bank of Morocco
Central Bank of Morocco Holds Key Policy Rate at 2.25%
The Central Bank of Morocco held its key policy rate at 2.25% for the third quarterly decision of 2026, citing moderate medium-term inflation, stronger non-agricultural activity and high uncertainty. Inflation is forecast at 0.7% in 2026 and 1.5% in 2027, while economic growth is expected to slow to 4.4% and 2.9%, respectively.