فاس نيوز ميديا جريدة الكترونية جهوية تعنى بشؤون و أخبار جهة فاس مكناس – متجددة على مدار الساعة
During its meeting on Tuesday in Rabat, the Council of Bank Al-Maghrib (BAM) decided to lower the key interest rate by 25 basis points to 2.25%, marking the second consecutive reduction and the third since June of last year. This decision was made in line with efforts to boost economic activity and support employment, as inflation is expected to decline to levels consistent with the goal of price stability.
In a statement issued following the first quarterly meeting of 2025, BAM indicated that the Council will continue to closely monitor economic developments and make decisions based on the most up-to-date data. The central bank also announced the launch of a new program to support financing for very small enterprises (VSEs), with participating banks to be refinanced at a preferential rate equal to the key interest rate minus 25 basis points. This program, along with the commitment of the banking sector, is expected to improve access to financing for these enterprises and enhance their contribution to job creation.
According to data collected for the fourth quarter of 2024, interest rates on loans to the non-financial sector decreased by 35 basis points compared to the second quarter of the same year, while the key interest rate was reduced by 25 basis points during the same period.
On the inflation front, after two years of high levels, 2024 saw a significant slowdown, with average inflation reaching 0.9%. Inflation is expected to accelerate in the next two years while remaining at moderate levels of around 2%. Core inflation, which stood at 2.2% in 2024, is also projected to stabilize around 2% in the medium term, with risks linked to geopolitical tensions and their impact on global inflation, as well as developments in the supply of agricultural products domestically.
Regarding economic growth, non-agricultural growth reached 4.2% in 2024 and is expected to remain around this level in the medium term, driven mainly by increased investment in infrastructure. On the other hand, agricultural value added declined by 4.7% in 2024 but is expected to recover by 2.5% this year and rise by 6.1% in 2026, assuming a return to average crop levels.
Overall, national economic growth is projected to increase from 3.2% in 2024 to 3.9% this year and 4.2% in 2026. In terms of external accounts, exports are expected to continue growing, supported by phosphate and derivative sales, while imports are likely to rise due to increased purchases of consumer goods and production equipment. The current account deficit is expected to narrow to 2% of GDP by 2026.
BAM also forecast that foreign exchange reserves would improve, reaching 391.8 billion dirhams by the end of 2025 and 408 billion dirhams by the end of 2026, equivalent to approximately five months of imports of goods and services.
