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, cited to Bank Al-Maghrib. It was 2.5 percent before that. Last checked against the official source on 24 Oct 2026.
Official source: Bank Al-Maghrib · Last checked 2026-10-24 · source fingerprint
Bank Al-Maghrib (BAM) key policy rate / taux directeur, set by the Board (Conseil) at its quarterly meetings (roughly March, June, September, December).
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| Current value | 2.25 percent |
|---|---|
| In force from | 2025-03-20 |
| Official source | Bank Al-Maghrib - Communique de presse, Reunion du Conseil du 22 septembre 2026: le Conseil a juge 'approprie de maintenir le taux directeur inchange a 2,25%'. |
| Last verified | 2026-10-24 |
| Verification | primary — No verification limitation recorded — read from the official source cited. |
| Provenance | source fingerprint |
What this value means
Held unchanged again at the 22 September 2026 Board meeting (third quarterly meeting of 2026; read from bkam.ma on 2026-10-24). Next Board meeting announced by BAM for 15 December 2026. 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
# $0.003 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-rateEmail me when this changes
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Other 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