Bank Al-Maghrib, Morocco's central bank, held its key interest rate steady at 3% during its quarterly board meeting on March 19, 2026. Governor Abdellatif Jouahri announced the decision, emphasizing a stance of "prudence and vigilance" to balance inflation control with supporting economic growth.
The bank's decision comes as inflation is projected to average 2.6% for 2026, down from 3.5% in 2025, but remains above the bank's target. The central bank cited persistent core inflation and the ongoing impacts of international instability, including conflicts, as key factors influencing its cautious monetary policy.
Economic growth forecasts were also revised. Bank Al-Maghrib now expects Morocco's GDP to grow by 3.2% in 2026, a slight downward revision from a previous 3.5% projection. The agricultural sector's performance, heavily dependent on rainfall, and the global economic environment were noted as significant variables for the outlook.
Governor Jouahri highlighted that the current monetary policy aims to anchor inflation expectations while continuing to support the financing of the economy. The bank will continue to monitor both domestic price developments and the evolving international situation closely.
