Rabat, Morocco – Morocco’s central bank held its benchmark interest rate at 2.25 percent on Tuesday amid stable inflation forecasts. The decision weighs global risks from Gulf tensions, including elevated oil prices. North Africa’s stable economy prioritizes growth over rate shifts.
Inflation should stay low at 0.8 percent in 2026 before edging to 1.4 percent in 2027. Short-term Middle East conflict impacts remain contained. Prolonged tensions could raise energy costs and strain external accounts.
Okay News reports the growth upgrade. The bank now sees 5.6 percent GDP expansion in 2026, up from 4.8 percent last year. Abundant rains boosted cereal output to 8.2 million metric tons. Growth slows to 3.5 percent in 2027 under normal farm conditions.
Current account deficit widens to 3.1 percent of GDP from 2.3 percent. Energy imports drive the gap, offset by phosphate exports, tourism, remittances, and investment. Reserves hit 482 billion dirhams, or $51.5 billion USD, covering 5.5 months of imports by 2027.
Agriculture anchors Morocco’s outlook. The bank monitors global energy swings closely. Regional peers adjust differently: Nigeria cut to 26.5 percent, Zambia to 13.5 percent, Uganda steady at 9.75 percent.
Stable policy supports business amid uncertainties. Investors eye farm yields and oil paths. Morocco balances resilience with external buffers.
