The Board of Bank Al-Maghrib (BAM), meeting Tuesday in Rabat, decided to raise the key rate by 50 basis points (bps) to 3%.
“To prevent the onset of self-perpetuating inflationary spirals and further strengthen the anchoring of inflation expectations with a view to encouraging its return to levels in line with the objective of price stability, the Board decided to raise the policy rate by 50 basis points (bps) to 3%, while continuing to closely monitor economic developments and inflationary pressures, both domestically and internationally, BAM said in a statement to the from the first quarterly meeting, for the year 2023.
