The Board of Morocco's central bank (Bank Al-Maghrib) on Wednesday decided to keep unchanged the key policy rate at 1.5%, following its third quarterly meeting of the year 2021.
During this meeting, the Board analyzed, in light of the pandemic related developments, the national and international economic situation as well as the Bank's medium-term macroeconomic projections, the Central Bank said in a release.
In this regard, the Board noted "the significant progress Morocco made in vaccination, as well as the ongoing recovery in economic activity and the evolution of inflation at moderate levels despite some increase in external inflationary pressures," the source added.
The Board also inquired about the latest developments in the foreign exchange market and the impact of the Bank's recent interventions aiming at resorbing temporary foreign currency surpluses.
In view of these assessments, the Board considered that the monetary policy stance "remains very accommodative, thereby ensuring adequate financing conditions, Bank Al-Maghrib pointed out.
The Board deemed that the current level of the policy rate remains appropriate and thus decided to maintain it unchanged at 1.5%.
