The National Bank of Morocco kept its benchmark interest rate steady at 2.25% during its regular meeting on June 24, following a 25 bps reduction in March. The Board emphasized a continued disinflationary trend and stable inflation expectations alongside accelerating economic activity. Inflation has notably slowed, falling from an average of 2% in Q1 to 0.7% in April and 0.4% in May, mainly on account of slower food prices. Inflation is now projected to average around 1% by the end of 2025, before rising to 1.8% in 2026, with core inflation expected to follow a similar path. Meanwhile, policymakers noted a strong acceleration in non-agricultural activity, driven by infrastructure investment, which is expected to continue over the medium term. Bank Al-Maghrib projects growth to accelerate to 4.6% in 2025 and moderate slightly to 4.4% in 2026, up from previous estimates of 3.9% and 4.2%, respectively. source: Bank Al-Maghrib

The benchmark interest rate in Morocco was last recorded at 2.25 percent. Interest Rate in Morocco averaged 3.45 percent from 1995 until 2025, 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 2025.

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 2026 and 1.50 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2024-12-17 01:00 PM Interest Rate Decision 2.50% 2.75% 2.75%
2025-03-18 02:30 PM Interest Rate Decision 2.25% 2.50% 2.5%
2025-06-24 01:00 PM Interest Rate Decision 2.25% 2.25% 2.25%
2025-09-23 01:00 PM Interest Rate Decision 2.25% 2.25%
2025-12-16 01:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Foreign Exchange Reserves 406042.00 401749.00 MAD Million Jul 2025
Interest Rate 2.25 2.25 percent Aug 2025
Money Supply M1 1471083.00 1469787.00 MAD Million Jul 2025
Money Supply M2 1661773.00 1660221.00 MAD Million Jul 2025
Money Supply M3 1970340.00 1956748.00 MAD Million Jul 2025

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 - 2025 percent Daily

News Stream
Morocco Holds Key Rate at 2.25%
The National Bank of Morocco kept its benchmark interest rate steady at 2.25% during its regular meeting on June 24, following a 25 bps reduction in March. The Board emphasized a continued disinflationary trend and stable inflation expectations alongside accelerating economic activity. Inflation has notably slowed, falling from an average of 2% in Q1 to 0.7% in April and 0.4% in May, mainly on account of slower food prices. Inflation is now projected to average around 1% by the end of 2025, before rising to 1.8% in 2026, with core inflation expected to follow a similar path. Meanwhile, policymakers noted a strong acceleration in non-agricultural activity, driven by infrastructure investment, which is expected to continue over the medium term. Bank Al-Maghrib projects growth to accelerate to 4.6% in 2025 and moderate slightly to 4.4% in 2026, up from previous estimates of 3.9% and 4.2%, respectively.
2025-06-24
Morocco Lowers Key Interest Rate by 25bps
The Central Bank of Morocco cut its key interest rate to 2.25% from 2.5% during its March 2025 meeting, bringing borrowing costs back to 2022 levels following similar reductions in June and December of last year. Despite expectations of a moderate acceleration in inflation, the central bank projects it will remain around 2% over the next two years. Inflation rose to 2% in January from 0.7% in December 2024. Meanwhile, economic growth is forecast at 3.9% for 2025 and 4.2% for 2026, up from approximately 3.2% in 2024. Additionally, policymakers announced a new program aimed at supporting bank financing for very small enterprises, which includes refinancing for participating banks at a preferential rate, set at the key policy rate minus 25 basis points.
2025-03-18
Morocco Trims Key Policy Rate to 2.50%
The National Bank of Morocco slashed its benchmark interest rate by 25 bps to 2.50% in its December 2024 meeting, after leaving it unchanged at 2.75% in September. The decision brings borrowing costs to their lowest level since November 2022, given that inflation remains in line with the price stability target and considering the high uncertainty surrounding the medium-term outlook, particularly at the international level. The central bank noted that inflation has remained low and is expected to end the year at an average of 1%, down from 6.1% in 2023, and is projected to remain moderate in the medium term, at 2.4% in 2025 and 1.8% in 2026. The economy is projected to grow by 2.5% this year, down from 3.4% in 2023, due to a prolonged drought, before accelerating to 3.9% over the next two years.
2024-12-17