The National Bank of Morocco kept its benchmark interest rate unchanged at 2.25% at its September 2026 meeting, marking a sixth consecutive pause and maintaining borrowing costs at their lowest level since 2022. Policymakers noted that the impact of higher energy prices remained contained, thanks to subsidies for road transport and the continued freeze on gas and electricity tariffs. With food prices declining, inflation stayed subdued, averaging 0.3% over the first eight months of the year.
Agricultural output is projected to rebound by 16% in 2026, while growth in non-agricultural sectors is expected to ease to 3.1%. Looking ahead, inflation is forecast to average 0.7% in 2026 before rising to 1.5% in 2027, driven by an increase in core inflation to 2.2% as falling food prices are offset by stronger imported inflation. Overall economic growth is expected to slow to 4.4% in 2026 and 2.9% in 2027, reflecting a projected 7.6% contraction in agricultural production.
