The National bank of Morocco held its benchmark interest rate at a record low of 1.5% at its June 2022 meeting, in order to support the economy in the face of global uncertainties caused by the war and persistent inflationary pressures. Domestically, inflation is expected to reach 5.3% this year, driven by food and energy prices, before easing to 2% next year. Its underlying component would reach 5.2% in 2022 and then return to 2.5% in the following year. Meanwhile, the economic growth is seen falling to 1% this year due to drought, before improving to 4% next year, compared with 7.9% in 2021. Drought has reduced Morocco's cereals harvest this year by 69% to 3.2 million tonnes from last year, according to agriculture ministry forecasts. source: Bank Al-Maghrib

Interest Rate in Morocco averaged 3.54 percent from 1995 until 2022, reaching an all time high of 7 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 July of 2022.

Interest Rate in Morocco is expected to be 1.50 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 1.25 percent in 2023, according to our econometric models.

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Morocco Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-12-21 01:00 PM Interest Rate Decision 1.5% 1.5% 1.5%
2022-03-22 12:00 PM Interest Rate Decision 1.5% 1.5% 1.5%
2022-06-21 01:10 PM Interest Rate Decision 1.5% 1.5% 1.5%
2022-09-27 12:00 PM Interest Rate Decision 1.5% 1.5%
2022-12-20 12:00 PM Interest Rate Decision


Related Last Previous Unit Reference
Interest Rate 1.50 1.50 percent Jun 2022
Money Supply M1 1094508.00 1093950.00 MAD Million Apr 2022
Money Supply M2 1270570.00 1269074.00 MAD Million Apr 2022
Money Supply M3 1573757.00 1580169.00 MAD Million Apr 2022
Foreign Exchange Reserves 325906.00 329165.00 MAD Million May 2022

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
1.50 1.50 7.00 1.50 1995 - 2022 percent Daily

News Stream
Morocco Keeps Interest Rate Steady at 1.5%
The National bank of Morocco held its benchmark interest rate at a record low of 1.5% at its June 2022 meeting, in order to support the economy in the face of global uncertainties caused by the war and persistent inflationary pressures. Domestically, inflation is expected to reach 5.3% this year, driven by food and energy prices, before easing to 2% next year. Its underlying component would reach 5.2% in 2022 and then return to 2.5% in the following year. Meanwhile, the economic growth is seen falling to 1% this year due to drought, before improving to 4% next year, compared with 7.9% in 2021. Drought has reduced Morocco's cereals harvest this year by 69% to 3.2 million tonnes from last year, according to agriculture ministry forecasts.
2022-06-21
Morocco Interest Rate Unchanged at 1.5%
The National bank of Morocco held its benchmark interest rate at 1.5% at its March 2022 meeting, citing strong uncertainties surrounding the geopolitical developments relating to the war in Ukraine and their implications both internationally and domestically. Policymakers said that new projections show a substantial decline in agricultural value-added and some consolidation of non-agricultural activities, boosted by the significant progress in the vaccination campaign, the easing of sanitary restrictions, and the continuation of monetary stimulus and sectoral support measures. The bank revised down its 2022 growth forecast to 0.7% from an earlier 2.9%, citing a severe drought that lowered prospects for this year's cereals harvest. Meanwhile, inflation is seen accelerating to 4.7% in 2022 from 1.4% in 2021, driven by external pressures related to the surge of energy and food products prices, before returning to 1.9% in 2023.
2022-03-22
Morocco Interest Rate Unchanged at 1.5%
The National bank of Morocco held its benchmark interest rate at 1.5% at its December 2021 meeting, mentioning the monetary policy stance remains broadly accommodative, ensuring adequate financing conditions. Policymakers noted overall economic activity has recovered significantly this year, boosted by the progress of the vaccination campaign and the maintaining of fiscal and monetary stimulus. Growth is expected to rebound to 6.7% in 2021 from a contraction of 6.3% last year, on the back of a vaccination push, before slowing to 2.9% in 2022 and 3.4% in 2023. The inflation forecast was revised upwards to 1.4% in 2021 (vs 1.2% in October) and 2.1% next year (vs previous 1.6%), due to the impact of imported inflation on foodstuff and fuel prices.
2021-12-21