The bank kept its benchmark interest rate unchanged at 2.25%, as the financial conditions look stable since the launch of the gradual dirham float last January.
Inflation was expected to reach 1.8% on average in 2018, then fall to 1.5% in 2019, the bank said in a statement following its first quarterly meeting of the year.
Based on rainfall data and the situation of the vegetation cover as of March 10, Bank Al-Maghrib’s forecasts a cereal production of about 8 million tons compared to 9.6 million tons of cereals in the last crop year.
The agriculture sector accounts for more than 15 percent of the North African country.
Agricultural added value will increase by 2.3%, while non-agricultural activities are expected to grow by 3.2%, the central bank said.