On 22 September 2026, Bank Al-Maghrib decided to hold its policy rate at 2.25%. The decision was taken at the third quarterly meeting of the year. The policy rate is a key reference for the rates Moroccan banks charge, including on mortgages.
According to the central bank, inflation averaged 0.3% over the first eight months of 2026. It expects 0.7% for 2026 as a whole and 1.5% in 2027. Measures such as frozen butane and electricity prices and support for road transport have softened the impact of higher oil prices.
Growth is projected at 4.4% in 2026 and 2.9% in 2027. Higher energy costs are expected to widen the current account deficit to 4.6% of GDP.
Bank Al-Maghrib said it would decide meeting by meeting, citing uncertainties such as the war in the Middle East and climate conditions.
