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.

Interest Rate in Morocco averaged 3.71 percent from 1995 until 2020, 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 August of 2020. source: Bank Al-Maghrib

Interest Rate in Morocco is expected to be 1.00 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 2021 and 2.00 percent in 2022, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Morocco Interest Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.50 2.00 7.00 1.50 1995 - 2020 percent Daily


Calendar GMT Actual Previous Consensus TEForecast
2019-09-24 12:30 PM 2.25% 2.25% 2.25%
2019-12-17 01:00 PM 2.25% 2.25% 2.25%
2020-03-17 01:00 PM 2% 2.25% 2%
2020-06-16 02:00 PM 1.5% 2% 2%
2020-09-22 01:00 PM 1.5% 1.0%
2020-12-15 01:00 PM 1.0%


News Stream
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 Trims Key Interest Rate to 2%
The National Bank of Morocco slashed its monetary policy rate by 25 bps to 2% during its March 2020 meeting, saying the decision aims to support the economy amid the impact of drought and the coronavirus outbreak. Policymakers noted that inflation, which stood at a low level of 0.2% in 2019, rose to 1.3% in January, mainly due to volatile food prices; and it is expected to average 0.7% in 2020 and to quicken to 1.2% in 2021. Meantime, core inflation is seen rising from 0.6% in 2019 to 1% in 2020 and then to 1.3% in 2021. Regarding growth, the economy is projected to have slowed to 2.3% in 2019 (previously seen at 2.6%), as a result of an expected 5.3% plunge in agriculture; and the GDP growth should stagnate at 2.3% in 2020 (previously seen at 3.8%), amid the combined effect of unfavourable climate conditions on agriculture and uncertainty caused the global spread of the Covid-19 disease.
2020-03-17
Morocco Interest Rate Unchanged at 2.25%
The National Bank of Morocco left its monetary policy rate steady at 2.25% at its December 17th 2019 meeting, even after King Mohammed VI urged banks to raise lending. Policymakers noted that inflation, which stood at 1.9% in 2018, decelerated sharply in the first ten months of 2019, mainly due to food prices; and it is expected to end 2019 averaging 0.3%, before picking up to 1.1% in 2020 and 1.4% in 2021. Meantime, core inflation is estimated to increase to 0.6% this year, and then advance to 1.3% in 2020 and 1.9% in 2021. Regarding growth, the economy is projected to slow to 2.6% in 2019 (previously seen at 2.7%) from 3% in 2018, with agriculture shrinking 4% (vs 4% in 2018) due to a lack of rainfall while non-agricultural activity rising 3.3% (vs 2.6% in 2018); but it should accelerate to 3.8% in 2020 and 3.7% in 2021, assuming improvements in cereals production and non-agricultural output.
2019-12-17
Morocco Leaves Key Interest Rate Steady at 2.25%
The National Bank of Morocco held its policy rate unchanged at 2.25% at its September 24th 2019 meeting. The bank noted that inflation remains low, averaging 0.2% during the first eight months of the year, mainly due to lower food prices; and it is expected to remain subdued in the coming months, easing to 0.4% in 2019 (previously seen at 0.6%) from 1.9% in 2018, before rising to 1.2% in 2020, driven by the expected recovery of internal demand. Regarding growth, the economy is projected to slow to 2.7% in 2019 (previously seen at 2.8%) from 3% a year ago, mainly due to agricultural activity; but to quicken to 3.8% in 2020, as agricultural output is expected to grow 6.3%. The Board also decided to reduce the monetary reserve rate to 2% from 4%, to boost banking liquidity and confirmed that will issue 2 international bonds this year and next year that would boost international reserves to 239 billion dirhams in 2019 and 234.3 in 2020, enough to cover five months of imports.
2019-09-24

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.