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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.