Morocco’s central bank has decided to maintain the current key rate at 3 percent and expects the country’s economic growth to be limited to 2.1 percent in 2024, before rebounding to 4.3 pc in 2025. During its first meeting of 2024 held Tuesday in Rabat, the Board of Bank Al Maghrib said the key rate […]
Tag: Central Bank BAM
Morocco’s central bank keeps key borrowing rate unchanged at 3%, sees growth at 3.2% in 2024
Morocco’s central bank kept its key rate unchanged at 3% in a context of easing inflation and improved growth rate. Inflation is seen dropping to 6.1% this year and 2.4% next year. In 2022, drought and imported inflation propelled inflation to 6.6%. Morocco’s central bank has decided to keep its key interest rate unchanged at […]
Moroccan central bank invests in World Bank green bond
Morocco’s central bank purchased 200 million euros of sustainable bonds from the World Bank as Morocco hosts the annual meetings of the IMF and the World Bank in Marrakech. The EUR 100 million 3-year and EUR 100 million 5-year Sustainable Development Bond transactions will support the financing of the World Bank’s sustainable development activities, the […]
Morocco’s Central Bank pauses monetary tightening as inflation eases
Morocco’s central bank pauses its monetary tightening as inflation is expected to further drop to 2.6% in 2024 from 6% in 2023 amid preparations for reconstruction in earthquake-hit areas. Speaking to the press Abdellatif Jouahri highlighted the uncertainties of the global economy and the need for vigilance, adding that holding the key interest rate as […]
Morocco’s Central Bank keeps rates unchanged, expects growth to reach 2.9 % in 2023 & 3.2 % in 2024
Morocco’s central bank has decided to keep its key rate unchanged at 3 percent due to the high degree of uncertainty surrounding the international developments and the domestic context in the aftermath of the earthquake that hit the country on Sept.08. The decision was made Tuesday by the Board of Bank Al-Maghrib after discussing local […]
Morocco’s Central Bank keeps rates unchanged amid persisting inflation
Morocco’s Central Bank has decided to keep its key interest rates unchanged at 3 pc due to persistent inflation fueled by soaring food prices and the war in Ukraine which continues to affect global economy. The decision was made Tuesday by the Board of Bank Al Maghrib during its second quarterly meeting held to discuss […]
Morocco’s central bank kicks off instant inter-bank payments
Clients of Moroccan banks can now enjoy instant transfers in real time and for free over the next three months, Morocco’s central bank said in a statement. The time-span for transfers between clients of Moroccan banks would now take no more than 20 seconds provided it is capped at 20,000 dirhams, it said. The initiative […]
Morocco’s Central Bank raises key interest rate to 3% to mitigate inflation
Morocco’s Central bank decided on Tuesday to lift its rates by 50 basis points to 3 percent to counter inflationary pressures exerted both at the domestic and international levels. During its first meeting of 2023 held in Rabat, the Board of Bank Al Maghrib discussed the evolution of the national economic situation and the Bank’s […]
Morocco: Bank Card holders increased to nearly 18 Mln in 2021
The number of bank cards increased in Morocco by 4.1 pc in 2021, compared to the previous year, reaching 17.9 million, says Morocco’s Central Bank in its latest report, noting that 88 pc of these cards were used for cash withdrawal. Over 5.4 million payment accounts were opened last year against 2.6 million transaction accounts […]
Morocco’s Central Bank maintains accommodative policy to promote growth
Morocco’s central bank kept its key interest rate unchanged at an all-time low of 1.5%, in a sign that it is more concerned about promoting growth, than curbing a high inflation caused by exogenous factors. The Bank said inflation would soar to 5% in 2022 and drop to 2% next year. Central Bank governor had […]