Wednesday, December 21, 2011

Morocco Central Bank Holds Interest Rate at 3.25%

The Bank al-Maghrib of Morocco kept its main policy rate steady at 3.25%.  The Bank said: "In this context where the central inflation forecast is permanently consistent with the price stability objective and the balance of risks is tilted to the downside, in conjunction with international developments, the Board decided to keep the key rate unchanged at 3.25 percent."

Previously the Bank also held interest rates unchanged in September this year; it last changed its interest rate in March 2009 when it reduced the rate 25bps to 3.25%.  Morocco reported annual inflation of 0.5% in November, with -0.4% deflation in October, 0.8% in September, 2.2% in August, 1.8% in July and 0.7% in June.  

The Moroccan Dirham (MAD) has weakened around 1% against the US dollar this year, while the USDMAD exchange rate last traded around 8.50.  The Bank al-Maghrib next meets on the 27th of March 2012.


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