Morocco Keeps Benchmark Rate at 2.25% as Inflation Eases and Growth Strengthens
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Bank Al-Maghrib held its benchmark rate at 2.25% on December 16 for its third consecutive meeting. The central bank forecasts inflation averaging 0.8% in 2025, rising to 1.3% in 2026 and 1.9% in 2027, driven by lower food and fuel prices. Economic growth projects at 5% in 2025, easing to 4.5% in 2026-2027 assuming 5 million tonne grain harvests.
Bank Al-Maghrib projects current account deficit narrowing to 1.8% of GDP in 2025 and below 2% through 2027. Foreign reserves forecast reaching 448 billion dirhams ($49 billion) by 2027, covering 5.5 months of imports; fiscal deficit narrows to 3.4% of GDP in 2026.
Governor Abdellatif Jouahri noted preliminary talks on BNP Paribas selling its BMCI majority stake to Holmarcom Group; inflation targeting trial planned for 2026.
