This decision to maintain the key rate at 2.25% reflects Bank Al-Maghrib’s desire to combine prudence and support for growth, in an uncertain global economic environment but with encouraging national prospects.
A cautious decision amid uncertain international context
During its quarterly meeting held on June 24, 2025, the Board of Bank Al-Maghrib (BAM) decided to maintain its key interest rate at 2.25%, continuing a prudent monetary policy. This decision comes in a context marked by significant international uncertainties, including geopolitical tensions related to the war in Ukraine, unrest in the Middle East, and uncertainties about U.S. trade policies. These factors are slowing global growth, which is expected to reach 2.8% in 2025 and 2.6% in 2026.
Controlled inflation and encouraging national growth
The decision to keep the key rate unchanged is justified by the slowdown in domestic inflation, which has significantly eased after the peaks of 2022 and 2023, thanks to the gradual normalization of international prices and national measures. Bank Al-Maghrib forecasts an average inflation rate around 2.8% in 2025, in line with its medium-term price stability target. Moreover, non-agricultural growth is experiencing a marked acceleration, supporting the national economic momentum despite the ongoing effects of drought.
Strong commitment to very small enterprises (VSEs)
The central bank reaffirms its support for financing very small enterprises through a program launched in March 2025. This initiative aims to simplify procedures, adapt credit conditions, reduce guarantees, and provide non-financial support to facilitate access to financing for this vital segment of the economy.
Close monitoring and data-driven future decisions
The BAM Board emphasizes that it will continue to closely monitor the transmission of recent key rate cuts, particularly regarding financing conditions for VSEs. Future decisions will be made on a meeting-by-meeting basis, depending on the most up-to-date economic data, to adjust monetary policy according to the evolving economic and social situation.
