This article was automatically translated from HIBAPRESS, the Arabic version:
Hibapress
By maintaining its key rate unchanged at 2.25% at the end of the 2nd quarterly meeting of its advice in 2025, Bank Al-Maghrib (BAM) opted for strategic caution and vigilant stability in the service of growth and, in particular, support for very small, small and medium-sized enterprises (TPME).
In an uncertain international context and a national economic recovery in the consolidation phase, this prudent, but strategically assertive choice aims to reconcile price stability, support for economic activity and the continuation of a targeted monetary easing.
Moreover, the decision is part of a macroeconomic framework in improvement, since the central bank tables 4.6% in 2025, after 3.8% a year earlier, carried by a solid performance of non -agricultural sectors (+4.5%) and a resumption of the agricultural sector (+5%) thanks to a more favorable cereal harvest.
Inflation continues its deceleration to be barely 0.4% last May. It should remain contained around 1% this year, before a slight rebound at 1.8% in 2026, according to BAM projections.
In this context, the central bank chooses to delay, while keeping its monetary policy oriented towards revival, in particular for the economic actors most vulnerable to the liquidity constraint.
A situation that benefits TPME, considered as the backbone of the national economy with more than 90% of the productive fabric. Indeed, since the last drop in the key rate in June 2024, the debtor rates applied to bank loans in the non -financial sector have fell by 45 basic points (PBS), a positive influence which should more include inclusive access to funding.
Aware of this issue, Bank Al-Maghrib widened his intervention last March through a specific program for supporting banking funding for very small businesses (TPE). This mechanism, backed by dedicated refinancing lines, aims to encourage commercial banks to grant more credits to this category of companies.
The said program will be supplemented by a charter dedicated to very small businesses, whose project is being finalized, as said by the Wali of Bank Al-Maghrib, Abdellatif Jouahri, Tuesday during the press briefing at the end of the meeting of the Council.
On the international level, BAM remains vigilant to geopolitical tensions and their repercussions on energy prices, supply chains and foreign demand and their overall effects on growth and inflation.
Nationally, the stability of the key rate constitutes a signal of continuity in monetary policy, but also of discernment.
It is a question of consolidating the achievements, avoiding any premature tightening and of leaving fully acting the instruments recently put in place. Because the expected growth dynamics remain dependent on the effective activation of credit, especially for small structures which constitute one of the essential vectors of economic resilience.
The BAM council meeting thus confirms an active and targeted support strategy. Admittedly, the central bank does not close the door to future adjustments, but expects better signals on the fluidity of credit, private investment and the evolution of inflation anticipations.
In the background, the objective is to strengthen macroeconomic stability without restraining the entrepreneurial dynamic, in a public economy.
Pending the next council meeting scheduled for September 2025, the looks were turned towards the capacity of the financial system to relay the pulses of the Central Bank, and to transform access to credit, in particular for TPME, in a real engine of inclusive growth.
