For the third time in less than a year, Bank Al-Maghrib is relaxing its monetary policy by lowering its key rate to 2.25%. A decision justified by the fall in inflation, on the one hand, and by the desire of the Moroccan Issuance Institute to stimulate investment and employment. In its new forecasts, the Bank expects growth to accelerate, i.e. 3.9% this year and 4.2% in 2026, driven by non-agricultural sectors and

Reducing the key interest rate aims to lower the cost of financing, which can encourage investment and consumption. This is essential in the current context where economic growth, although solid in the non-agricultural sector with an increase of 4.2% in 2024, remains vulnerable to climatic hazards affecting the agricultural sector. The growth forecast for the national economy is optimistic, with a gradual acceleration expected to reach up to 4.2%

A notable initiative by BAM is the establishment of a program to support the financing of SMEs, including refinancing banks at a preferential rate equivalent to the key rate minus 25 basis points. This measure is intended to directly stimulate entrepreneurship and small business, key sectors for job creation and innovation in the Moroccan economy

Bank Al-Maghrib forecasts a slight acceleration in inflation, hovering around 2% for the next two years, reflecting stability and continuity in price control policies, despite the uncertainties associated with geoeconomic tensions and changes in the supply of agricultural products.