State Bank of Morocco Begins Interest Rate Down-Cycle
June 25, 2024
Morocco’s central bank interest rate has been cut by 25 basis points to 2.75%. Such had been kept at 3.0% for the previous 15 months, double its mid-2020 to September 2022 level. Consumer price inflation crested early in 2023 at 10.1% overall and 8.3% among non-volatile core items and showed considerably lower readings last month of 0.4% and 2.2%. Today’s initial cut was justified by the Board’s assessment “that the calibrated tightening
of monetary policy, the regular monitoring of the transmission of its decisions and
the measures rolled out by the Government to support household purchasing power and
some economic activities allowed for considerable progress in steering inflation back to
levels consistent with the price stability objective and in maintaining the post-covid
recovery,” according to a statement released after today’s quarterly policy review.
Copyright 2024, Larry Greenberg. All rights reserved. No secondary distribution without express permission.
Tags: State Bank of Morocco
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