The National Bank of Morocco left its monetary policy rate steady at 2.25% at its December 17th 2019 meeting, even after King Mohammed VI urged banks to raise lending. Policymakers noted that inflation, which stood at 1.9% in 2018, decelerated sharply in the first ten months of 2019, mainly due to food prices; and it is expected to end 2019 averaging 0.3%, before picking up to 1.1% in 2020 and 1.4% in 2021. Meantime, core inflation is estimated to increase to 0.6% this year, and then advance to 1.3% in 2020 and 1.9% in 2021. Regarding growth, the economy is projected to slow to 2.6% in 2019 (previously seen at 2.7%) from 3% in 2018, with agriculture shrinking 4% (vs 4% in 2018) due to a lack of rainfall while non-agricultural activity rising 3.3% (vs 2.6% in 2018); but it should accelerate to 3.8% in 2020 and 3.7% in 2021, assuming improvements in cereals production and non-agricultural output.

Interest Rate in Morocco averaged 3.74 percent from 1995 until 2019, reaching an all time high of 7 percent in August of 1995 and a record low of 2.25 percent in March of 2016. This page provides the latest reported value for - Morocco Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Bank Al-Maghrib

Interest Rate in Morocco is expected to be 2.25 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Morocco to stand at 2.00 in 12 months time. In the long-term, the Morocco Interest Rate is projected to trend around 2.00 percent in 2020, according to our econometric models.


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Morocco Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.25 2.25 7.00 2.25 1995 - 2019 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-03-19 12:45 PM 2.25% 2.25% 2.25%
2019-06-18 01:35 PM 2.25% 2.25% 2.25%
2019-09-24 12:30 PM 2.25% 2.25% 2.25%
2019-12-17 01:00 PM 2.25% 2.25% 2.25%
2020-03-17 01:00 PM 2.25% 2%
2020-06-16 01:00 PM 2%
2020-09-22 01:00 PM 2%
2020-12-15 01:00 PM 2%


News Stream
Morocco Interest Rate Unchanged at 2.25%
The National Bank of Morocco left its monetary policy rate steady at 2.25% at its December 17th 2019 meeting, even after King Mohammed VI urged banks to raise lending. Policymakers noted that inflation, which stood at 1.9% in 2018, decelerated sharply in the first ten months of 2019, mainly due to food prices; and it is expected to end 2019 averaging 0.3%, before picking up to 1.1% in 2020 and 1.4% in 2021. Meantime, core inflation is estimated to increase to 0.6% this year, and then advance to 1.3% in 2020 and 1.9% in 2021. Regarding growth, the economy is projected to slow to 2.6% in 2019 (previously seen at 2.7%) from 3% in 2018, with agriculture shrinking 4% (vs 4% in 2018) due to a lack of rainfall while non-agricultural activity rising 3.3% (vs 2.6% in 2018); but it should accelerate to 3.8% in 2020 and 3.7% in 2021, assuming improvements in cereals production and non-agricultural output.
2019-12-17
Morocco Leaves Key Interest Rate Steady at 2.25%
The National Bank of Morocco held its policy rate unchanged at 2.25% at its September 24th 2019 meeting. The bank noted that inflation remains low, averaging 0.2% during the first eight months of the year, mainly due to lower food prices; and it is expected to remain subdued in the coming months, easing to 0.4% in 2019 (previously seen at 0.6%) from 1.9% in 2018, before rising to 1.2% in 2020, driven by the expected recovery of internal demand. Regarding growth, the economy is projected to slow to 2.7% in 2019 (previously seen at 2.8%) from 3% a year ago, mainly due to agricultural activity; but to quicken to 3.8% in 2020, as agricultural output is expected to grow 6.3%. The Board also decided to reduce the monetary reserve rate to 2% from 4%, to boost banking liquidity and confirmed that will issue 2 international bonds this year and next year that would boost international reserves to 239 billion dirhams in 2019 and 234.3 in 2020, enough to cover five months of imports.
2019-09-24
Morocco Leaves Interest Rate Steady at 2.25%
The National Bank of Morocco held its monetary policy rate unchanged at 2.25% at its June 18th 2019 meeting. The bank noted that inflation was low during the first four months of the year; and it is expected to ease to 0.6% in 2019 from 1.9% in 2018, before rising to 1.2% in 2020, amid greater domestic demand. Linked to this, the government announced in late April a general increase in the minimum wages, with salaries in the private sector rising 10% over two years, with a 5% hike taking effect in July 2019 and a further 5% increase in July 2020. The economy is projected to slow to 2.8% in 2019 from 3% a year earlier, mainly due to lower agricultural output; but to speed up to 4% in 2020, as agriculture activity must rebound sharply, growing 6%.
2019-06-18
Morocco Holds Key Interest Rate Steady at 2.25%
The National Bank of Morocco left its monetary policy rate unchanged at 2.25% at its March 19th 2019 meeting. Policymakers said that the decision was based on medium-term prospects for the inflation rate trajectory, the economy and external accounts. The inflation ended 2018 at an average of 1.9%, mainly due to the rise in volatile food prices; and it is expected to be 0.6% in 2019 and 1.1% in 2020. The Board also noted a lower level of activity at 3% in Q3 2018 and projected a growth of 3.1% in 2018; 2.7% in 2019 and 3.9% in 2020. Agricultural activity is expected to fall 3.8% in 2019 and to rise 6% in 2020 while non-agricultural growth should accelerate to 3.4% in 2019 and 3.8% in 2020. Regarding external accounts, the current account gap worsened to 5.2% of GDP in 2018 from 3.6% a year earlier and it is expected at 4.1% in 2019 and 3.4% in 2020, particularly owing to an expected decline in energy imports and fewer capital goods purchases.
2019-03-19

Morocco Interest Rate
In Morocco, interest rate decisions are taken by Morocco’s central bank, Bank al- Maghrib. The official interest rate is the key rate.