EXECUTIVE SUMMARY
INFLATION IN MOROCCO FALLS BELOW 3.0% FOR THE FIRST TIME
For the 4th consecutive time, Bank Al-Maghrib decides to keep its Key Rate unchanged at 3% during its first monetary policy committee in 2024. The institution had abandoned its restrictive monetary policy, after three cumulative
increases of +150 BPS of its Key Rate since September 2022. This decision was widely anticipated by investors (Cf.
Morocco Key Rate Expectations - March-24), and seems consistent with the orientation of international monetary
policies, like the FED(1) and the ECB(2).
The inflation level in Morocco continues to decelerate since its peak of 10.1% observed in February 2023, a 40-year
record. Inflation has fallen below the 3% mark as well as the key rate level, for the first time since the start of the
inflationary cycle in October 2021.
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