Morocco’s central bank kept its benchmark rate unchanged at 2.25%, pointing to ongoing global and domestic risks — from geopolitical conflicts to climate-related pressure on crops.
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Inflation is seen averaging 1% in 2025, before rising slightly to 1.9% in 2026. Growth is projected at 3.8% this year, accelerating to 4.6% in 2025 and 4.4% in 2026, assuming improved wheat harvests.
The bank also expects the current account deficit to narrow to 2% of GDP by 2026, helped by lower energy imports and stronger exports of cars, phosphates, and derivatives. Foreign reserves should rise to $48 billion next year, while the fiscal deficit is forecast to ease to 3.4% of GDP by 2026 thanks to higher tax revenues.
