Morocco: Central Bank Raises Key Rate to 3% Starting March 23, 2023

22 March 2023
Maghreb Arabe Presse (Rabat)

Rabat — Bank Al Maghrib's (BAM) decision to raise the key interest rate to 3% (by 50 basis points) will take effect from March 23, 2023, the central bank said in a statement.

At its first 2023 quarterly meeting, the BAM Board of Directors said that this measure aims to prevent the emergence of self-sustaining inflationary spirals and to further strengthen the anchoring of inflation expectations to promote its return to levels consistent with the objective of price stability.

The Council confirms that it will continue to closely monitor economic developments and inflationary pressures at both the national and the international level.

At this meeting, the BAM Board analyzed the evolution of the national economic situation and the Bank's macroeconomic projections for the next eight quarters, focusing in particular on the transmission of its recent decisions to raise the key interest rate.

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