The Central Bank of Morocco decided to maintain its key interest rate at 2.25%, considering that the current level of borrowing costs remained in line with the inflation outlook.

In a press release, the Moroccan Central Bank justifies maintaining its key rate at 2.25% by the slowdown in domestic inflation, the sustained resumption of activity outside the agricultural sector and a still tense geopolitical context. It also reaffirms its commitment to the financing of very small enterprises (VSEs), through a program launched in March 2025 focused on simplifying procedures, adapting loans, simplified guarantees and non-financial support

The Council notes that international tensions — in particular the war in Ukraine, tensions in the Middle East and uncertainty about American trade policy — are holding back global growth, expected to 2.8% in 2025, and 2.6% in 2026. If Western economies slow down, China and India are expected to perform strongly, with growth of 4.9% and 7.4% respectively

In this context, Morocco stands out positively. GDP growth is expected to reach 4.6% in 2025, after 3.8% in 2024, driven by a good cereal season (44 million quintals), an increase in agricultural value added (+5%) and sustained activity in non-agricultural sectors (+4.5%), thanks in particular to infrastructure investments related to the 2030 World Cup

Inflation continues to fall: from 2% in the first quarter, it fell to 0.4% in May, in particular thanks to the fall in food prices. BAM forecasts annual inflation of 1% in 2025, and 1.8% in 2026. Expectations remain well established, around 2.3% in 8 quarters and 2.5% in 12 quarters