The central bank of Morocco, Bank Al-Maghrib (BAM), decided, during its first quarterly meeting of 2026 held on Tuesday, March 17, to keep its key rate unchanged at 2.25%. In its statement, the institution indicates that it will continue to closely monitor the evolution of the national and international economic situation, particularly the situation in the Middle East and its potential repercussions on economic activity.
This decision is based on several elements. Inflation has recently remained at low levels, driven by the improvement in the supply of certain food products and the decline in fuel prices. In the medium term, after the attenuation of these factors and in a context of expected oil price increases, inflation should gradually accelerate while remaining moderate. It is expected to reach 0.8% in 2026, before reaching 1.4% in 2027.
Taking into account the good momentum of economic activity, the prospects for controlled inflation, as well as the persistent uncertainties at the international level and the results of stress tests carried out for the national economy, the BAM Council deemed it appropriate to maintain the key rate at its current level.
The central bank reaffirms that it will continue to adjust its monetary policy based on the most recent data, meeting after meeting, closely monitoring economic developments, both at the national and international levels.
