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Morocco policy interest rate

Bank Al-Maghrib (BAM) key policy rate / taux directeur, set by the Board (Conseil) at its quarterly meetings (roughly March, June, September, December).

Current value2.25 percent
In force from2025-03-20
Official sourceBank Al-Maghrib — Historique des décisions de politique monétaire
Last verified2026-07-15
Verificationprimary — No verification limitation recorded — read from the official source cited.
Provenancesource 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.

Earlier values

FromValueSource
2018-01-012.25Bank for International Settlements - Central Bank Policy Rat
2020-03-172Bank for International Settlements - Central Bank Policy Rat
2020-06-181.5Bank for International Settlements - Central Bank Policy Rat
2022-09-292Bank for International Settlements - Central Bank Policy Rat
2022-12-222.5Bank for International Settlements - Central Bank Policy Rat
2023-03-223Bank Al-Maghrib — Historique des décisions (raised to 3.00%
2024-06-272.75Bank Al-Maghrib — Historique des décisions (Board of 25/06/2
2024-12-192.5Bank Al-Maghrib — Historique des décisions (Board of 17/12/2

Get it programmatically

curl https://afriref.dev/v1/ma/policy-rate
# $0.001 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-rate

Other Morocco series: VAT rate · minimum wage · public holidays · inflation rate (CPI) · corporate tax rate · income tax rates