Morocco interest rate
Bank Al-Maghrib
- Policy rate
- 2.25%
- Aug 31, 2026
- Last move
- None
- in the past year
- Inflation
- 0.3%
- Jun 2026
- 10-year bond yield
- –
- not available
The policy rate set by Bank Al-Maghrib is 2.25% as of Aug 31, 2026. It has not changed the rate in the past year. With consumer prices up 0.3% over the 12 months to Jun 2026, the real rate (policy rate minus inflation) is +1.9%: borrowing costs are above inflation.
Policy rate over the past two years
Aug 2026: 2.25%
Rate changes
| When | Decision | From | To | Change |
|---|---|---|---|---|
| Mar 2025 | Cut | 2.50% | 2.25% | −0.25 pt |
| Dec 2024 | Cut | 2.75% | 2.50% | −0.25 pt |
Changes between month-end rates. Two decisions in one month show up as a single change.
Inflation (% vs a year earlier)
Jun 2026: 0.3%
10-year government bond yield
Oct 2025: 3.13%
Other central banks in Africa
Source: BIS; inflation: IMF CPI; bond yield: IMF monetary statistics. Updated daily. All central bank rates · Morocco economy dashboard