Bank of Morocco cuts key interest rate by 25 basis points to 2.75%

In a significant monetary policy move, the Board of the Bank of Morocco (BAM), at its meeting held on Tuesday in Rabat, decided to cut the key interest rate by 25 basis points to 2.75 per cent.

“After keeping the key interest rate unchanged for four consecutive meetings, the Board decided to cut it by 25 basis points to 2.75 per cent,” the central bank explained in a press release issued after the second quarterly meeting of 2024.

The Bank emphasised that the Board will continue to closely monitor developments in the economic situation and inflation, both nationally and internationally.

The statement noted that the Board believes that the measured tightening of monetary policy, regular monitoring of the impact of its decisions, as well as the measures taken by the government to support the purchasing power of households and some economic activities, have led to significant progress in bringing inflation back to levels consistent with the objective of price stability and maintaining economic recovery in the post-Covid-19 era.

This decision comes as part of the Central Bank of Morocco’s efforts to stimulate the economy and ensure price stability under the current economic conditions.

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