Morocco Interest Rate2021 Data | 2022 Forecast | 1995-2020 Historical | Calendar

The National bank of Morocco held its benchmark interest rate at 1.5% at its October 2021 meeting, saying the monetary policy stance remains very accommodative, thereby ensuring adequate financing conditions. Policymakers noted the significant progress Morocco made in vaccination, as well as the ongoing recovery in economic activity and the evolution of inflation at moderate levels despite some increase in external inflationary pressures. The bank revised upwards this year's growth forecast to 6.2% instead of an initial expectation of 5.3% and compared to a 6.3% contraction in 2020, driven by the notable progress in the vaccination campaign, the very good agricultural campaign as well as the fiscal stimulus. Inflation is expected to stand at 1.2% this year and 1.6% next year, from 0.7% in 2020,

The National bank of Morocco maintained its benchmark interest rate at 1.5% at its June 2021 meeting, saying the current monetary policy stance remains very accommodative, thereby ensuring adequate financing conditions. The Board noted that inflation averaged 1.7% during April and May after recording 0.7% in 2020 and 0.1% in the first quarter of 2021. The recent acceleration in inflation is likely to continue, although at a moderate pace, with the CPI inflation standing at 1% this year before picking up to 1.2% in 2022, amid the expected rise of oil and some food international prices, as well as the revival of domestic demand. The economy is projected to have contracted by 6.3% in 2020 compared to an earlier estimate of -7.1%, while growth projections for 2021 stood unchanged at 5.3%. Still, the Bank stressed the outlook remains surrounded by high uncertainties due mostly to the emergence of new variants of the virus and disparities in the pace of vaccination across countries.

The National Bank of Morocco left its monetary policy rate steady at 1.5% at its March 2021 meeting, saying the monetary policy stance remains very accommodative, thereby ensuring adequate financing conditions. The Board noted that inflation remained low in 2020, as a result of disinflationary pressures stemming from demand. Still, it is projected to rise, albeit moderately, from 0.7% in 2020 to 0.9% in 2021 and 1.2% in 2022, amid the upturn in activity and the rise in international prices of oil and some food products. The economy is projected to have contracted to 7% in 2020 (vs previous -6.6%), but it is seen recovering in 2021 with growth estimated at 5.3% (vs previous 4.7%), before consolidating to 3.2% in 2022 (vs previous 3.5%). However, the Bank stressed that the economic outlook remains surrounded by a high level of uncertainty essentially related to the evolution of the pandemic, as well as the current production capacity of vaccines, and their delivery delays.