Bank Al-Maghrib (BAM) decided on June 23, 2026, to keep its key interest rate unchanged at 2.25%, according to a statement following the central bank's quarterly board meeting. The decision was based on the projected evolution of inflation at levels consistent with the medium-term price stability objective.
Governor Abdellatif Jouahri stated, 'Nous souhaitons le réveil de l'investissement privé' (We wish for the awakening of private investment), emphasizing the need to stimulate private sector activity. The central bank noted that inflation is expected to remain under control, supporting the decision to hold the rate steady.
The rate decision comes amid a global context of monetary tightening by many central banks, but BAM's move reflects Morocco's specific economic conditions, including moderate inflation and a focus on supporting economic recovery. The bank also highlighted the importance of maintaining accommodative financial conditions to encourage investment.
Analysts had widely anticipated the hold, as Morocco's inflation rate has been trending within the central bank's target range. The next monetary policy meeting is scheduled for September 2026.
