Bank Al-Maghrib Holds Interest Rate at 2.25 Percent Amid Economic Slowdown Forecasts

Bank Al-Maghrib announced its decision to keep the benchmark interest rate unchanged at 2.25 percent following its third quarterly meeting of 2026. The central bank stated that this decision was based on the high level of uncertainty surrounding the economic outlook. Bank Al-Maghrib projected economic growth would slow from 4.9 percent in 2025 to 4.4 percent in 2026, and further to 2.9 percent in 2027. The bank also projected inflation would reach 0.7 percent for the full year 2026, before rising to 1.5 percent in 2027, while the budget account deficit was expected to narrow to 3.5 percent of GDP in 2026.

The central bank's projections indicate a slowdown in the national economy and a shift in inflation targets. The bank stated it would continue to closely monitor domestic and external conditions when basing future policy decisions on available data.