The National Bank of Morocco left its monetary policy rate steady at 1.5% at its March 2021 meeting, saying the monetary policy stance remains very accommodative, thereby ensuring adequate financing conditions. The Board noted that inflation remained low in 2020, as a result of disinflationary pressures stemming from demand. Still, it is projected to rise, albeit moderately, from 0.7% in 2020 to 0.9% in 2021 and 1.2% in 2022, amid the upturn in activity and the rise in international prices of oil and some food products. The economy is projected to have contracted to 7% in 2020 (vs previous -6.6%), but it is seen recovering in 2021 with growth estimated at 5.3% (vs previous 4.7%), before consolidating to 3.2% in 2022 (vs previous 3.5%). However, the Bank stressed that the economic outlook remains surrounded by a high level of uncertainty essentially related to the evolution of the pandemic, as well as the current production capacity of vaccines, and their delivery delays. source: Bank Al-Maghrib

Interest Rate in Morocco averaged 3.64 percent from 1995 until 2021, reaching an all time high of 7 percent in August of 1995 and a record low of 1.50 percent in June of 2020. This page provides the latest reported value for - Morocco Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Morocco Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on April of 2021.

Interest Rate in Morocco is expected to be 1.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Morocco to stand at 1.50 in 12 months time. In the long-term, the Morocco Interest Rate is projected to trend around 1.50 percent in 2022 and 2.00 percent in 2023, according to our econometric models.

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Morocco Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.50 1.50 7.00 1.50 1995 - 2021 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2020-06-16 02:00 PM 1.5% 2% 2%
2020-09-22 01:00 PM 1.5% 1.5% 1.5%
2020-12-15 12:45 PM 1.5% 1.5% 1.5%
2021-03-23 01:10 PM 1.5% 1.5% 1.5%
2021-06-22 12:00 PM 1.5%
2021-09-28 12:00 PM
2021-12-21 12:00 PM
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Morocco Holds Key Interest Rate Steady at 1.5%
The National Bank of Morocco left its monetary policy rate steady at 1.5% at its March 2021 meeting, saying the monetary policy stance remains very accommodative, thereby ensuring adequate financing conditions. The Board noted that inflation remained low in 2020, as a result of disinflationary pressures stemming from demand. Still, it is projected to rise, albeit moderately, from 0.7% in 2020 to 0.9% in 2021 and 1.2% in 2022, amid the upturn in activity and the rise in international prices of oil and some food products. The economy is projected to have contracted to 7% in 2020 (vs previous -6.6%), but it is seen recovering in 2021 with growth estimated at 5.3% (vs previous 4.7%), before consolidating to 3.2% in 2022 (vs previous 3.5%). However, the Bank stressed that the economic outlook remains surrounded by a high level of uncertainty essentially related to the evolution of the pandemic, as well as the current production capacity of vaccines, and their delivery delays.
2021-03-23
Morocco Interest Rate Unchanged at 1.5%
The National Bank of Morocco kept its monetary policy rate steady at 1.5% at its December 2020 meeting, saying that the monetary policy stance is widely accommodative, ensuring an adequate financing of the economy. Policymakers noted that after weakening in the second quarter, inflation accelerated sharply from August onwards, driven mainly by the surge in volatile food prices. Still, it is seen at 0.7% in 2020 and 2021, before reaching 1.3% in 2022, mainly as a result of the expected improvement in domestic demand. The economy is projected to contract 6.6% this year, amid the Covid-19 restrictive measures and a decline in farm output hit by drought. The GDP is projected to rebound by 4.7% in 2021 and to grow by 3.5% in 2022.
2020-12-15
Morocco Interest Rate Unchanged at 1.5%
The National Bank of Morocco left its monetary policy rate steady at 1.5% at its September 2020 meeting, amid a deteriorating economic outlook and low inflationary pressures. Policymakers also considered that the economy financing conditions remain adequate after enacting a host of mitigating measures to cushion the impact of the global pandemic. The bank noted that consumer prices rebounded by 0.9% in August driven by volatile food prices; but inflation is expected to remain low, averaging 0.4% in 2020 (vs 1% estimated in June) before speeding up moderately to 1% in 2021. The economy is now projected to contract 6.3% in 2020 (vs -5.2% estimated in June), owing to a slower-than-expected recovery of activity amid the implementation of restrictions following the resurgence of infections and the continued closure of borders. In 2021, the GDP would rebound by 4.7%, assuming improvements in both agricultural and non-agricultural activities.
2020-09-22
Morocco Cuts Further Interest Rate to 1.5%
The National Bank of Morocco trimmed its monetary policy rate by 50 bps to 1.5% during its June 2020 meeting, saying the decision aims to mitigate the impact of the pandemic and support economic recovery amid a lack of inflationary pressure. Policymakers noted that the headline inflation fell further to 0.9% in April, mainly due to the lower prices of fuels and lubricants; and it is expected to remain at a moderate level of around 1% in both 2020 and 2021. The economy is seen contracting 5.2% in 2020, the most since 1996, due to the combined effect of drought and the restrictions adopted to limit the spread of Covid-19. Growth is expected to rebound to 4.2% in 2021, assuming improvements in both agricultural and non-agricultural activities. In the face of high uncertainty posed by the pandemic, the Committee said it will closely monitor the economic situation both at the domestic and international levels and take necessary actions if needed.
2020-06-16

Morocco Interest Rate
In Morocco, interest rate decisions are taken by Morocco’s central bank, Bank al- Maghrib. The official interest rate is the key rate.