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.

The National Bank of Morocco left its benchmark interest rate steady at 2.25% during its regular meeting on December 16, 2025, marking the third consecutive hold. Policymakers said the current stance remains appropriate amid ongoing global economic uncertainty and domestic weather risks. They noted that inflation continues to evolve at low levels, driven in particular by the improved supply food products. The annual inflation rate in Morocco slowed to 0.1% in October 2025, the lowest since March 2021, down from 0.4% in September. Inflation is expected to gradually rise toward the price stability objective, from 0.8% this year to 1.3% in 2026 and 1.9% in 2027. Regarding domestic activity, the Board noted strong performance in non-agricultural sectors and signs of labor-market recovery, with momentum expected to persist over the medium term, supported by investment. Economic growth is projected to reach 5% this year and average 4.5% over the next two years.

The National Bank of Morocco maintained its benchmark interest rate at 2.25% during its regular meeting on September 23rd, 2025, amid persistent global and domestic uncertainties. Policymakers observed that inflation is evolving at moderate levels and expectations remain well anchored. Inflation is still projected at 1% for this year, unchanged from both 2024 and the previous meeting’s forecast, before rising to 1.9% in 2026, up slightly from 1.8% earlier. Growth projections were maintained, with the economy expected to accelerate from 3.8% in 2024 to 4.6% in 2025, before moderating slightly to 4.4% in 2026.