The Bank of Morocco maintains its interest rates at 3% and expects a slowdown in inflation

HIBAPRESS-RABAT

The Board of Directors of the Bank of Morocco decided, the day before yesterday, Tuesday, to maintain the current level of the key interest rate, at 3%.

The Council considered that the current interest rate remains appropriate to stabilize inflation expectations and support the return of inflation to levels consistent with the price stability objective.

The Council added that it expects a gradual improvement in non-agricultural growth, supported in particular by public investments, while agricultural production remains affected by recurring years of drought and worsening water stress.

Regarding inflation, the Council indicated that after a peak of 10.1% recorded in February 2023, it decreased to 3.4% in December, thus ending the year 2023 with an average of 6.1 %, after 6.6% in 2022, expecting inflation to continue to slow to 2.2% this year and 2.4% in 2025.