The Central Bank cited ongoing global and domestic uncertainties, including trade tensions, conflicts in the Middle East and Ukraine and water shortages affecting crops behind the decision.
The Central Bank of Morocco kept its benchmark interest rate unchanged at 2.25% on Tuesday, 23 September 2025, citing ongoing global and domestic uncertainties, including trade tensions, conflicts in the Middle East and Ukraine and water shortages affecting crops.
The bank said, “Trade momentum is expected to continue in the medium term, with the impact of recent US tariff measures likely to remain limited.”
Inflation is projected to remain at 1% this year, unchanged from 2024 and the previous forecast, before rising slightly to 1.9% in 2026, up from an earlier estimate of 1.8%.
Economic growth forecasts were maintained, with the economy expected to expand from 3.8% in 2024 to 4.6% in 2025, before moderating slightly to 4.4% in 2026.