Morocco keeps benchmark interest rate unchanged at 1.5 pct

2021-10-13 16:30:37 GMT2021-10-14 00:30:37(Beijing Time) Xinhua English

RABAT, Oct. 13 (Xinhua) -- The Central Bank of Morocco decided on Wednesday to maintain its key interest rate unchanged at 1.5 percent, saying that the monetary policy stance "remains very accommodative."

Following its third quarterly meeting of the year held on Wednesday, the Central Bank concluded that this decision was taken in regard to the "the significant progress Morocco made in vaccination, the ongoing recovery in the economy, and the evolution of inflation at moderate levels despite external inflationary pressures," the central bank said in a release.

The release added that the foreign reserves are very adequate, noting the Central Bank's recent interventions in the financial market were aimed at resorbing temporary foreign currency surpluses.

Thus, they considered the monetary policy stance "remains very accommodative, ensuring adequate financing conditions," it added.

The bank expected Morocco's economy to grow by 6.2 percent in 2021, after contracting 6.3 percent last year. Enditem