Monetary PolicyExplainer
Policy monitor: Bank Al-Maghrib holds at 2.25% with inflation at 1.2%
CBAN Editorial Team · 23 Jul 2026 · 4 min read
North Africa
Morocco
Bank Al-Maghrib (BAM) · Governor Abdellatif Jouahri (since 2003) · Moroccan dirham (MAD)
- Policy rate
- 2.25%
- Inflation (y/y)
- 1.2%
- GDP growth
- 5.0%
- Nominal GDP
- $152bn
- MAD per USD
- 9.9
- FX YTD vs USD
- +0.8%
- FX reserves
- $37.1bn
- Next MPC
- 22 September 2026
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