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Join on Telegram Rabat – Following its quarterly council meeting, Bank Al-Maghreb, Morocco’s central bank, announced that economic growth, forecasted to reach 5.3% in June, has now been revised upwards by 0.9 points, reaching 6.2%.
The council announced that interest rates remain benchmarked at 1.5%, while monetary policies remain “adequate and accommodative.”
Chaired by the governor of Bank Al-Maghrib, Abdellatif Jouahri, the council reevaluated the economic growth amid the prevailing vaccine optimism in Morocco, the slightly improving national and international economic landscape, as well as short-term economic forecasts.
The third quarterly meeting of the council highlighted both Morocco’s efforts to
reach herd immunity and its continuous efforts to revive economic activities. The governor of Bank Al-Maghrib equally noted that the inflation rate has moderately improved in spite of external constraints.
The Moroccan Central Bank’s council also discussed developments in the foreign currency exchange market and the interventionist approach the bank enacted to manage foreign currency liquidity (foreign currency surplus).
Regarding the inflation rate, the council noted the indicator is now stable at 0.8% after witnessing a rise to 1.6% in the second quarter of 2021. The fall of inflation rate marked a subsequent fall in consumer prices.
The International Monetary Fund (IMF) revised its economic growth forecast for Morocco in 2021, announcing that the country is on its way to record the best economic recovery in the MENA “Middle-East and North Africa” region.
The Fund had previously forecasted an economic growth of 4.4% for the North African country. The figure now stands at 5.7%.
The IMF presents growth forecasts in terms of Real Gross Domestic Production (RGDP), which is Gross Domestic Production GDP adjusted for inflation unlike the figures presented by the Central Bank of Morocco.
