Following its latest meeting, the Moroccan central bank, Bank Al-Maghrib (BAM), maintained its key interest rate unchanged and outlined the priorities that will shape its actions in the coming years.
This will include monetary reforms, financing the economy, and modernising the financial system.
Meeting recently, the Bank Al-Maghrib Council decided to maintain the key interest rate at its current level, in a context marked by heightened vigilance regarding macroeconomic stability and the transmission of monetary policy.
At the meeting, the central bank governor, Abdellatif Jouahri, presented his assessment of the current economic situation and detailed the main projects underway or planned, which cover the monetary framework, financing the economy, and financial inclusion.
Among the priorities is the gradual reform of the exchange rate regime. The dirham remains pegged to a basket composed primarily of the euro and the dollar, but the transition to greater flexibility is expected to continue progressively.
The year 2026 will be dedicated to technical and preparatory exercises, prior to the pilot introduction of inflation targeting planned for 2027, while maintaining intervention capacity to preserve the value of the national currency.
The central bank has also focused on developing the financial market, particularly through the completion of the preparatory phase of the futures market. Clarifying the respective roles of the clearing house, Bank Al-Maghrib, and the Capital Market Authority paves the way for operational implementation, which is expected to strengthen market depth and offer new hedging instruments to economic operators.
Regarding financing for very small businesses, Bank Al-Maghrib emphasises the need to improve the bankability of projects and the support provided. While tens of thousands of businesses have benefited from support mechanisms, a significant proportion still exhibit structural weaknesses. In this regard, the central bank supports the implementation of a national scoring system based on credit bureau data and the use of analytical tools incorporating artificial intelligence to enhance the objectivity of financing decisions.
Regarding innovative financing, the approach adopted relies on strict prudential oversight, particularly concerning risk weighting and the securing of flows. These instruments are the responsibility of institutional investors and are based on a risk-adjusted return
approach.
The gradual integration of social assistance into mobile payment channels could accelerate financial inclusion, improve the traceability of flows, and strengthen the effectiveness of public policies, while climate and natural risks are now systematically integrated into macroeconomic and financial analysis.
MK/AK/Sf/fss/as/APA