Bank Al-Maghrib Sets Timeline for Inflation‑Targeting Rollout, Live Demo Planned for December 2026

Bank Al-Maghrib's roadmap for inflation targeting

During a press conference in Rabat, Bank Al‑Maghrib Governor Abdellatif Jouahri disclosed that the central bank will conduct a dry‑run of its future inflation‑targeting framework in December 2026, ahead of the official launch slated for 2027.

The transition to an explicit inflation target is currently underway. The bank has been running awareness‑raising workshops and training sessions for all the parties that will be affected – from financial institutions to academic researchers.

Stakeholder outreach

• A first round of meetings with the banking sector and academia has already taken place.
• Further dialogues with the private sector are planned, including a session with the General Confederation of Moroccan Enterprises (CGEM).

Governor Jouahri said the complete dossier will be submitted to the Bank’s Board in September, after which a “blank‑run” simulation will be carried out in December.

The central bank receives technical support from the International Monetary Fund and is in contact with several foreign central banks that have already adopted inflation targeting, to fine‑tune its preparations.

Communication is a key pillar of the process. BAM is preparing regional coordinators who will guide and inform market participants on the implications of the new policy regime.

What is inflation targeting?

Inflation targeting is a monetary‑policy strategy where the central bank publicly announces a specific inflation goal and uses its policy tools to keep price dynamics close to that target over the medium term.