Morocco raised interest rates by 50 basis points to 2% to mitigate inflation

Posted on September 30, 2022   |  

• Morocco’s central bank increased interest rates by 50 basis points to 2% to lower high inflation due to high energy and food prices and supply chain troubles.
• The economy is under high stress from the effects of the pandemic and the war in Ukraine.
• The inflation will reach a monthly average of 6.3% by the end of 2022, compared to 2021, before easing back to 2.4% in 2023.
• Growth in Morocco’s heavily agricultural and fishing-dependent economy is expected to reduce by 0.8%, compared with 7.9% last year.