Bank Al-Maghrib cuts key interest rate to 2.75%: what it means for your loans
Bank Al-Maghrib's board decided on 22 September 2026 to cut the key interest rate from 3% to 2.75%, aiming to support economic activity amid slowing growth and declining inflation.
Bank Al-Maghrib's board decided on 22 September 2026 to cut the key interest rate from 3% to 2.75%, aiming to support economic activity amid slowing growth and declining inflation.
What we verified?
At its third ordinary meeting of 2026, held on Tuesday 22 September 2026, Bank Al-Maghrib's board decided to cut the key interest rate by 25 basis points, from 3% to 2.75%. This represents the first cut in the key rate in several years .
The decision comes in a context marked by declining inflation, with the bank confirming that core inflation (excluding food and energy) remained moderate, with expectations of this trend continuing over the medium term. The bank also noted that economic growth slowed significantly in the first half of 2026, requiring a more accommodative monetary policy to support economic activity.
What does this decision mean for citizens?
1. Bank loans:
This cut is expected to be reflected in interest rates applied to bank loans, whether mortgage, consumer, or car loans. However, the speed of this transmission varies from bank to bank and depends on each institution's policies.
2. Savings:
Conversely, the rate cut may lead to lower returns on some savings products, particularly fixed-income bonds. Experts recommend diversifying savings portfolios to offset this effect.
3. Investment:
This decision aims to stimulate investment by lowering financing costs for businesses, which could contribute to job creation and support economic growth.
Economic context
This decision comes at a time when the Moroccan economy faces several challenges:
- Slowing economic growth in the first half of 2026
- Declining inflation to moderate levels
- Continued geopolitical tensions affecting energy and commodity markets
Report limitations
- It is still too early to assess the full impact of this decision on the real economy.
- Banks' response to this cut may vary depending on their internal policies.
- The bank has not announced potential additional cuts in upcoming meetings.
Sources
— Bank Al-Maghrib, press release on the bank's board meeting dated 22 September 2026. URL: https://www.bkam.ma/content/download/851045/9186656/CdP_ConseilBAM_T3_2026_fr.pdf — Publication date: 22 September 2026 — Accessed: 6 October 2026.