The National bank of Morocco lifted its benchmark interest rate by another 50 bps to 3% at its March 2023 meeting, bringing borrowing costs to their highest level since August 2014. The Board said the decision was aimed at preventing the outbreak of self-sustaining inflationary spirals and anchoring inflation expectations to favor its return to levels in line with the price stability objective. The headline inflation rate in Morocco accelerated to a new record high of 8.9% in January 2023, up from 8.3% in the previous month; and it is expected to remain at high levels over the medium term. The bank revised upwards its 2023 inflation forecasts to 5.5% from December's estimate of 3.9%, but cut 2024 inflation estimates to 3.9% from 4.2% in December. The economy is expected to expand by 2.6% this year, after a 1.2% rise in 2022, before accelerating to 3.5% in 2024. source: Bank Al-Maghrib

Interest Rate in Morocco averaged 3.51 percent from 1995 until 2023, reaching an all time high of 7.00 percent in August of 1995 and a record low of 1.50 percent in June of 2020. 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. Morocco Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on March of 2023.

Interest Rate in Morocco is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Morocco Interest Rate is projected to trend around 2.00 percent in 2024 and 1.50 percent in 2025, according to our econometric models.

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Morocco Interest Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-27 02:15 PM 2% 1.5% 2%
2022-12-20 12:30 PM 2.5% 2% 2%
2023-03-21 03:20 PM 3% 2.5% 3.0%
2023-06-20 12:30 PM 3% 3.0%
2023-09-26 12:30 PM
2023-12-19 12:30 PM


Related Last Previous Unit Reference
Interest Rate 3.00 2.50 percent Mar 2023
Money Supply M1 1185898.00 1196856.00 MAD Million Jan 2023
Money Supply M2 1365331.00 1376065.00 MAD Million Jan 2023
Money Supply M3 1698744.00 1685764.00 MAD Million Jan 2023
Foreign Exchange Reserves 333598.00 337645.00 MAD Million Jan 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
3.00 2.50 7.00 1.50 1995 - 2023 percent Daily

News Stream
Morocco Hikes Key Rate to 3%
The National bank of Morocco lifted its benchmark interest rate by another 50 bps to 3% at its March 2023 meeting, bringing borrowing costs to their highest level since August 2014. The Board said the decision was aimed at preventing the outbreak of self-sustaining inflationary spirals and anchoring inflation expectations to favor its return to levels in line with the price stability objective. The headline inflation rate in Morocco accelerated to a new record high of 8.9% in January 2023, up from 8.3% in the previous month; and it is expected to remain at high levels over the medium term. The bank revised upwards its 2023 inflation forecasts to 5.5% from December's estimate of 3.9%, but cut 2024 inflation estimates to 3.9% from 4.2% in December. The economy is expected to expand by 2.6% this year, after a 1.2% rise in 2022, before accelerating to 3.5% in 2024.
2023-03-21
Morocco Lifts Key Interest Rate to 2.5%
The National bank of Morocco raised its benchmark interest rate by another 50 bps to 2.5% at its December 2022 meeting. It marks the second rate hike this year, bringing the cost of borrowing to the highest since February of 2016, to prevent inflation expectations de-anchoring and make inflation return to rates in line with the price stability objective. The headline inflation rate in Morocco remained close to record levels at 8.1% in October of 2022 and it is expected to reach 6.6% in 2022, driven mainly by an acceleration in food and fuels. It would subsequently average 3.9% in 2023 before rebounding to 4.2% in 2024, in line with the planned decompensation of subsidized products. The economic growth is now seen slowing down sharply to 1.1% this year, compared to a previous estimate of 0.8%, from 7.9% in 2021, after the worst drought in decades hurt the key agricultural sector. Subsequently, economic activity should speed up to 3% in 2023 and 3.2% in 2024.
2022-12-20
Morocco Hikes Key Rate to 2%
The National bank of Morocco raised its benchmark interest rate by 50 bps to 2% at its September 2022 meeting. It was the first rate hike since 2008, to prevent any de-anchoring of inflation expectations and ensure price stability amid soaring inflation. Morocco’s inflation rate remains high, reaching a new peak at the end of August with an increase of 8% compared to last year. Inflation is expected to surge to 6.3% in 2022, from 1.4% in 2021 on the back of higher foodstuff and fuel prices in the international market, before easing to 2.4% in 2023. Meanwhile, economic growth is seen slowing down sharply to 0.8% this year, from 7.9% in 2021, after the worst drought in decades hit the key agricultural sector.
2022-09-27