The council of Bank Al-Maghrib (BAM), Morocco’s central bank, held its last quarterly meeting for 2021 on Tuesday, December 21, deciding to keep the key interest rate unchanged at 1.5%.
“The Council considered that the stance of monetary policy remains largely accommodative, ensuring adequate financing conditions,” indicated BAM during a press release, further adding that, “the current level of the key interest rate remains appropriate and thus decided to keep it unchanged at 1.5%.”
The North African country reached an economic rebound of 6.7% this year, with an increase of 18.8% in agricultural value-added, and 5.3% in non-agricultural activities.
These increases come as a result of the progress achieved on a national level, including the progress in terms of the vaccination campaign, the maintenance of budgetary and monetary levels, as well as the performance of the agricultural season, according to an analysis by BAM’s council.
Over the next two years, the pace of activity will be greatly influenced by the development of the health situation, both at a national and international level, along with restrictions that Moroccan authorities will implement. BAM projects a growth of 2.9% by 2022, and 3.4% by 2023.
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