The decision of the Board of Bank Al Maghrib (BAM) to increase the key rate to 3% will take effect from March 23, 2023, the Central Bank announced in a press release.
At its first quarterly meeting for the year 2023, the BAM Board had decided to raise the key rate by 50 basis points (bps) to 3% with the aim of preventing the onset of self-inflationary spirals. maintained and further strengthen the anchoring of inflation expectations with a view to encouraging its return to levels in line with the objective of price stability.
The Board says it continues to closely monitor economic developments and inflationary pressures, both nationally and internationally.
During this meeting, the BAM Board analyzed the evolution of the national economic situation and the Bank’s macroeconomic projections for the next eight quarters, focusing in particular on the transmission of its latest decisions to raise the key rate. .