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The Al-Maghrib Bank Board of Directors cut the key interest rate to 2.75% by 25 basis points after its second quarter 2024 meeting in Rabat on Tuesday, June 25, 2024. This change came after four meetings to maintain the old rate in an effort to curb skyrocketing inflation.
“The Governing Council judged that the calibrated tightening of monetary policy, regular monitoring of the transmission of its decisions, and the measures taken by the government to support household purchasing power and certain economic activity had enabled the economy to make very significant progress. Inflation returned to levels consistent with its goals of price stability and sustaining the recovery in economic activity after the pandemic,” the release said.
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