Bank Al-Maghrib kept its key interest rate unchanged at 2.25pc on Tuesday, choosing to sit tight as moderate inflation and firmer non-farm activity run up against an economic outlook still clouded by uncertainty.
The decision, taken at the central bank board’s third quarterly meeting of the year in Rabat, leaves borrowing conditions unchanged for now.
BAM said inflation was expected to remain at moderate levels over the medium term, while momentum in non-agricultural activity should continue to strengthen.
But uncertainty surrounding the economic outlook remains high enough to keep the central bank from making another move.
“Taking into account the high uncertainty weighing on the economic outlook,” BAM said its board considered it appropriate to leave the policy rate at 2.25pc.
The bank is keeping its options open.
It said future decisions would be taken meeting by meeting, using the latest available data, while developments at home and abroad would remain under watch.
