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# Bank Al-Maghrib Cuts Morocco's Key Rate by 25 Basis Points to 2.75%
- URL: https://www.theglobalbanker.com/bank-al-maghrib-cuts-morocco-key-rate-25-basis-points-2-75/
- Published: 2024-06-26T06:00:00.000Z
- Updated: 2026-11-03T01:33:59.000Z
- Description: Bank Al-Maghrib cut its benchmark rate by 25 basis points to 2.75% on 25 June 2024 as inflation returned to low levels after averaging 6.1% in 2023.
- Author: TGB Editorial Team
- Tags: Central Banks, MENA, #archive

Bank Al-Maghrib reduced its key policy rate by 25 basis points to 2.75% on 25 June 2024\. The decision, announced following the bank's quarterly Board meeting, lowers the rate from the 3.00% level at which it had been held since March 2023.

After reaching 6.6% in 2022 and 6.1% in 2023, inflation returned to low levels in recent months, according to the bank, which forecast an average of 1.5% for 2024\. 

#### INFLATION

The central bank said its calibrated tightening and government support measures had allowed considerable progress in steering inflation back to levels consistent with price stability.

#### POLICY OUTLOOK

The cut followed four consecutive meetings at which the rate was held at 3.00%. 

The Board said it would continue to closely monitor economic conditions and inflation at both national and international level.