Bank Al-Maghrib set to keep rates steady at 2.25% amid mixed signals – September 2026 meeting

Bank Al-Maghrib (BAM) is widely expected to hold its benchmark rate at 2.25% when its board meets on 22 September 2026, according to BMCE Capital Global Research and a consensus of Moroccan institutional investors. The decision reflects a balanced view of solid GDP growth (around 5% in 2026), sharply falling inflation (‑0.6% YoY in July) and lingering external risks, notably a widening trade deficit. While fiscal consolidation is progressing, concerns over the current‑account gap and potential imported inflation keep policymakers cautious. The overall outlook points to a pause in monetary tightening, supporting credit expansion but leaving room for future adjustments.

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