Tuesday 23 June 2026 – 14:30
Bank Al-Maghrib kept its benchmark interest rate unchanged at 2.25% on Tuesday and forecast economic growth would accelerate to 5.2% in 2026, the central bank said after its second quarterly meeting of the year.
“Taking into account the expected path of inflation at levels consistent with the medium-term price stability objective, the strengthening momentum of economic activity and the high uncertainty surrounding the international economic outlook, the board considered it appropriate to keep the key rate unchanged at 2.25%,” the bank said, extending its monetary policy pause for a fifth consecutive meeting.
Growth is expected to rise from 4.9% in 2025 to 5.2% this year before slowing to 3.1% in 2027 because of base effects.
Agricultural value added is projected to jump 16% in 2026, after rising 8.2% last year, supported by a cereal harvest estimated by the Agriculture Ministry at 90 million quintals.
It is then expected to fall 7.6% in 2027, assuming cereal production returns to average levels.
Non-agricultural activity is forecast to grow by an average 4.2% in 2026 and 2027, after 4.5% in 2025.
The bank said it would continue monitoring domestic and international conditions and take decisions meeting by meeting using the latest available data.
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