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Morocco central bank holds key rate, says inflation, growth to pick up in 2020

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Morocco central bank holds key rate, says inflation, growth to pick up in 2020

Morocco's central bank left its key interest rate unchanged at 2.25%, saying the current level remains appropriate for its inflation and growth prospects in the medium term.

Bank Al-Maghrib said full-year inflation is projected to fall to 0.4% in 2019 from 1.9% in 2018, before accelerating to 1.2% in 2020.

The pickup in consumer price growth next year would be driven by core inflation, which is seen to rise mostly due to an expected recovery of internal demand, the central bank said Sept. 24.

The central bank expects Morocco's economic growth to weaken to 2.7% in 2019 from 3% in 2018, and improve to 3.8% in 2020.