Analysis by Region - Africa - Morocco
After keeping the policy interest rate at 3.0% for 15 months, Bank Al-Maghrib (BAM) cut the rate by 25 bps to 2.75% in June. The cut was a response to two months of low inflation and a dovish move by the European Central Bank. Our forecast is for inflation to remain moderate at an average of 1.7% in 2024 and then rise to 2.5% in 2025. We think the BAM will cut again in September, to free up spending and investment capacity in the economy.
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