Morocco Bank Al-Maghrib key policy rate (taux directeur)
Morocco Bank Al-Maghrib key policy rate (taux directeur) is 2.25 percent, in force since 20 Mar 2025. It was 2.5 percent before that. Last checked against the official source on 11 Sep 2026.
Bank Al-Maghrib (BAM) key policy rate / taux directeur, set by the Board (Conseil) at its quarterly meetings (roughly March, June, September, December).
Compare policy interest rate across all 34 African countries →
| Current value | 2.25 percent |
|---|---|
| In force from | 2025-03-20 |
| Official source | Bank Al-Maghrib - Communique de presse, Reunion du Conseil du 23 juin 2026: le Conseil a juge 'approprie de maintenir le taux directeur inchange a 2,25%'. NOTE: Bank Al-Maghrib's own 'Historique des decisions' table does not list this 23 June 2026 meeting - its most recent row is 19 March 2026 - so the summary table lags the communiques it summarises. Cite the communique. |
| Last verified | 2026-09-11 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
Cut 25bps to 2.25% at the 18 March 2025 Board meeting (effective 20/03/2025) and held unchanged at every meeting since: 26/06/2025, 25/09/2025, 18/12/2025, 19/03/2026 and 23/06/2026 (the fifth consecutive hold). At the 23 June 2026 meeting BAM projected inflation of 1.5% in 2026 and GDP growth of 5.2%. The Board decides meeting-by-meeting; the next quarterly meeting is expected around late September 2026. Backlog re-stamp 2026-08-23 (network-blocked verification): BAM key rate 2.25% — source page changed, value held
Earlier values
| From | Value | Source |
|---|---|---|
| 2024-12-19 | 2.5 | Bank Al-Maghrib — Historique des décisions (Board of… |
| 2024-06-27 | 2.75 | Bank Al-Maghrib — Historique des décisions (Board of… |
| 2023-03-22 | 3 | Bank Al-Maghrib — Historique des décisions (raised to 3.00%… |
| 2022-12-22 | 2.5 | Bank for International Settlements - Central Bank Policy… |
| 2022-09-29 | 2 | Bank for International Settlements - Central Bank Policy… |
| 2020-06-18 | 1.5 | Bank for International Settlements - Central Bank Policy… |
| 2020-03-17 | 2 | Bank for International Settlements - Central Bank Policy… |
| 2018-01-01 | 2.25 | Bank for International Settlements - Central Bank Policy… |
Get it programmatically
curl https://afriref.dev/v1/ma/policy-rate
# $0.005 per call — x402 on Base (USDC). No key, no signup.
# History: curl https://afriref.dev/v1/ma/policy-rate/history?from=2020-01-01
# Provenance: curl https://afriref.dev/provenance/ma/policy-rateOther Morocco series: Statutory legal interest (taux légal) · VAT standard rate (TVA taux normal) · VAT registration threshold · Minimum wage · Public holidays · CPI inflation (year-on-year) · Corporate income tax rate · Withholding tax rates · Personal income tax brackets · Statutory social-insurance contributions
The same figure elsewhere: Mozambique · Namibia · Niger · Nigeria · Republic of the Congo · all 34