The National Bank of Morocco left its benchmark interest rate unchanged at 2.25% at its September 2026 meeting, marking a sixth consecutive hold and keeping borrowing costs at their lowest level since 2022. Policymakers stated that the impact of elevated energy prices remained limited, mitigated by subsidies on road transport and the continued maintenance of gas and electricity prices. As food prices declined, inflation remained low, averaging 0.3% during the first eight months of the year. Agricultural output is expected to rebound by 16% in 2026, while non-agricultural activity is forecast to slow to 3.1%. Looking ahead, inflation is expected to average 0.7% in 2026 before rising to 1.5% in 2027, driven by an acceleration in core inflation to 2.2% as the contraction in food prices is offset by higher imported inflation. Economic growth is expected to slow to 4.4% in 2026 and 2.9% in 2027, amid a projected 7.6% contraction in agricultural output. source: Bank Al-Maghrib

The benchmark interest rate in Morocco was last recorded at 2.25 percent. Interest Rate in Morocco averaged 3.40 percent from 1995 until 2026, reaching an all time high of 7.00 percent in August of 1995 and a record low of 1.50 percent in June of 2020. This page provides the latest reported value for - Morocco Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Morocco Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

The benchmark interest rate in Morocco was last recorded at 2.25 percent. Interest Rate in Morocco is expected to be 2.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Morocco Interest Rate is projected to trend around 2.00 percent in 2027 and 1.50 percent in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-03-17 01:30 PM Interest Rate Decision 2.25% 2.25% 2.25%
2026-06-23 01:00 PM Interest Rate Decision 2.25% 2.25% 2.25%
2026-09-22 02:00 PM Interest Rate Decision 2.25% 2.25% 2.25%
2026-12-15 01:00 PM Interest Rate Decision 2.25%


Related Last Previous Unit Reference
Foreign Exchange Reserves 500065.00 496761.00 MAD Million Aug 2026
Interest Rate 2.25 2.25 percent Sep 2026
Money Supply M1 1657954.00 1659736.00 MAD Million Jul 2026
Money Supply M2 1857475.00 1858620.00 MAD Million Jul 2026
Money Supply M3 2195010.00 2185064.00 MAD Million Jul 2026


Morocco Interest Rate
In Morocco, interest rate decisions are taken by Morocco’s central bank, Bank al- Maghrib. The official interest rate is the key rate.
Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 7.00 1.50 1995 - 2026 percent Daily

News Stream
Morocco Maintains Policy Rate at 2.25%
The National Bank of Morocco left its benchmark interest rate unchanged at 2.25% at its September 2026 meeting, marking a sixth consecutive hold and keeping borrowing costs at their lowest level since 2022. Policymakers stated that the impact of elevated energy prices remained limited, mitigated by subsidies on road transport and the continued maintenance of gas and electricity prices. As food prices declined, inflation remained low, averaging 0.3% during the first eight months of the year. Agricultural output is expected to rebound by 16% in 2026, while non-agricultural activity is forecast to slow to 3.1%. Looking ahead, inflation is expected to average 0.7% in 2026 before rising to 1.5% in 2027, driven by an acceleration in core inflation to 2.2% as the contraction in food prices is offset by higher imported inflation. Economic growth is expected to slow to 4.4% in 2026 and 2.9% in 2027, amid a projected 7.6% contraction in agricultural output.
2026-09-22
Morocco Keeps Policy Rate Unchanged at 2.25%
The National Bank of Morocco left its benchmark interest rate unchanged at 2.25% at its June 23, 2026 meeting, marking a fifth consecutive decision to hold rates steady, as policymakers weighed ongoing supply-chain disruptions against improving economic conditions. Annual inflation eased to 1.2% in May, down from over a year high of 1.7%. However, energy and fuel prices surged 27.6% year-on-year, while rising imported inflation is expected to exert additional upward pressure on domestic prices. Nevertheless, inflation is projected to average 1.5% in 2026 and 2.1% in 2027. Economic activity improved, supported by a recovery in agricultural output and consolidated growth in non-agricultural sectors. Looking ahead, economic growth is expected to remain robust at 5.2%, although slightly below its previous forecast of 5.6%. Future monetary policy decisions will depend on the evolution of inflation, economic growth, and geopolitical developments, which continue to pose risks to the outlook.
2026-06-23
Morocco Holds Policy Rate for 4th Meeting
The National Bank of Morocco left its benchmark interest rate unchanged at 2.25% during its regular meeting on March 17, 2026, marking the fourth consecutive hold. Policymakers pointed to robust economic activity, contained inflation, and heightened global uncertainty as key factors behind the decision. The economy is estimated to have expanded by 4.8% in 2025, with growth expected to accelerate to 5.6% in 2026 mainly due to an anticipated pickup in agricultural output, before easing to 3.5% in 2027. Meanwhile, Morocco has recorded mild deflation since November, with prices falling 0.8% year-on-year in January, supported by strong agricultural output and lower fuel prices. But with temporary support fading and oil prices projected to increase, inflation is likely to rise gradually, remaining moderate at 0.8% in 2026 and 1.4% in 2027.
2026-03-17