Bank Al-Maghrib, Morocco’s central bank, kept its key interest rate at 2.25% after its third quarterly meeting of 2026, held on September 22 in Rabat. The council said inflation remains moderate and that uncertainty about the economic outlook stays high.
The main numbers
- Inflation: prices rose by an average of 0.3% in the first eight months of 2026.
- Underlying inflation: expected to move from -0.2% in 2026 to 2.2% in 2027, as the effect of lower food prices, particularly olive oil, fades and imported inflation stays relatively high.
- Growth: the 2026 forecast was cut to 4.4%, after 4.9% in 2025, and growth is expected to slow to 2.9% in 2027.
- Jobs: unemployment fell to 9.5% nationwide, with 11.9% in urban areas and 5.4% in rural areas, according to the bank’s summary of official statistics.
A long pause
The decision continues a pause in rate changes. In June, the bank also left the rate at 2.25%, its fifth consecutive meeting without a change, and forecast growth of 5.2% for 2026, a figure it has since revised down. The pause follows an easing cycle between June 2024 and March 2025, when the bank cut its benchmark rate by a total of 75 basis points in three steps of 25. After the June meeting, analysts at Attijari Global Research said they expected the rate to stay unchanged until the end of 2026.
What it means in practice
A stable key rate means borrowing costs for households and companies are not expected to change soon. Low inflation helps protect purchasing power, while a slower growth forecast for 2027 suggests that the strong rebound linked to better harvests may not repeat. For savers, businesses and investors, the next quarterly meeting is the next date to watch.
Sources: Morocco World News, Hespress English, Morocco World News (AGR forecast).
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