Bank Al-Maghrib left its key policy rate unchanged at 2.25% at its December 2025 quarterly monetary policy meeting, judging that prevailing monetary conditions remain appropriate given a controlled inflation outlook and positive momentum in domestic economic activity. The decision was announced on 16 December.
The central bank noted that inflation trends remained within acceptable bounds and that the trajectory of the Moroccan economy was sufficiently positive to make an immediate rate adjustment unnecessary in either direction. The quarterly meeting cadence means that the December gathering marks the final formal monetary policy decision of 2025, with the next opportunity to adjust rates coming in the first quarter of 2026.
GLOBAL UNCERTAINTY
Bank Al-Maghrib indicated it is carefully monitoring the impact of global uncertainty on the Moroccan economy, citing in particular US tariff policy and persistent geopolitical tensions abroad, as well as weather conditions at home.