Bank Al-Maghrib, Morocco's central bank, reduced its benchmark policy rate by 25 basis points to 2.50% at its quarterly monetary policy meeting in December 2024, delivering the second cut of the year after a June reduction and bringing cumulative easing in 2024 to 50 basis points. The decision was announced following the board's scheduled quarterly gathering and published on BAM's official monetary policy decisions page.
BAM expected inflation to average 1% in 2024, down from 6.1% in 2023, a level it described as in line with its price stability objective.
MEETING-BY-MEETING APPROACH
The December gathering concluded the annual policy calendar with the Board saying it would take decisions meeting by meeting, citing inflation in line with its price stability objective and high uncertainty around the medium-term outlook.
CUMULATIVE 50 BP EASING IN 2024
The 50 basis points of easing in 2024 followed rate increases by BAM in late 2022 and 2023 in response to the global inflation surge.
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