Bank Al-Maghrib has decided to keep Morocco’s key interest rate unchanged at 2.25%, maintaining its current monetary policy stance at its third quarterly meeting of 2026.
The decision was taken on September 22 in Rabat by the central bank’s Board, which assessed both domestic economic developments and the uncertain international environment.
According to Bank Al-Maghrib, inflation is expected to remain at moderate levels over the medium term. At the same time, the momentum of non-agricultural economic activity is expected to strengthen.
These factors supported the decision to leave the policy rate unchanged rather than introduce a new adjustment.
The central bank also highlighted the high level of uncertainty surrounding the economic outlook. International developments and their potential impact on Morocco remain among the factors being closely monitored by monetary authorities.
For the Moroccan economy, the key rate is an important reference for financing conditions. Keeping it at 2.25% maintains the current framework for credit and liquidity conditions while the central bank assesses how economic trends evolve.
Bank Al-Maghrib said it would continue monitoring developments in both the domestic and external economic environment.
Future decisions will be taken on a meeting-by-meeting basis, using the latest available economic and financial data.
