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Morocco: Bank Al Maghrib raises key interest rate to stem inflation

Bank Al Maghrib raises its key interest rate by 50 basis points to 3% as the High Commission for Planning reports inflation rose again to 10.1% YoY in February 2023. At its first 2023 quarterly meeting, the BAM Board of Directors said that this measure aims to prevent the emergence of self-sustaining inflationary spirals and to further strengthen the anchoring of inflation expectations to promote its return to levels consistent with the objective of price stability.

The Council confirms that it will continue to closely monitor economic developments and inflationary pressures at both the national and the international level.

The BAM’s move came as inflation rose again to 10.1% year on year in February 2023 in the North African country, driven by food prices up 20.1%, according to figures from the High Commission for Planning (HCP).

The high price increases of several food products and mainly those of vegetables have largely contributed to this rebound.


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