Morocco

Mildly restrictive

Policy rate

2.25%

Last move Mar 2025

Inflation

0.70%

As of null

Real policy rate

1.55%

Policy rate less inflation

Debt to GDP

65.80%

2026 est.

Inflation targetNone published

Policy rate vs target—

Last move-25 bps cut

Months at current rate17

Real GDP growth4.90%

Next scheduled decisionNot published

Policy rate path, latest five years. Cycle peak 5.00% (Jan 2001).

The verdict

Morocco sets its policy rate at 2.25%, against inflation of 0.70% — a real rate of 1.55% after inflation. The most recent decision was a 25bp cut in Mar 2025. The rate has held there for about 17 months. Inflation targeting: No target; EUR/USD basket peg (60/40, ±5% band). On the fiscal side, the economy carries government debt of 65.8% of GDP (2026 est.) and real GDP growth of 4.9%.

Sources: policy rate and cycle history — BIS central bank policy rates (WS_CBPOL); inflation — national statistical agencies; debt and growth — IMF World Economic Outlook. Methodology: https://www.globalfinancialinfo.info/methodology/policy-rates · Dataset: https://www.globalfinancialinfo.info/global-economy · Free to print and share for non-commercial classroom use (CC BY-NC-ND 4.0).

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