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.
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