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Moroccan central bank keeps key rate unchanged

The board of Morocco's central bank kept its key rate unchanged at 2.25%, saying the level is still in line with the medium-term inflation and growth prospects of the country.

Bank Al-Maghrib noted that while inflation is projected to increase, it would remain at moderate levels. The bank said it expects inflation to rise to 1.8% in 2018 and ease to 1.5% in 2019, after slowing down to 0.7% in 2017. Core inflation is expected to stand at 1.4% and 1.9% in 2018 and 2019, respectively.

GDP is expected to expand by 3.3% in 2018, according to the central bank, following 4% growth rate in 2017. In 2019, the bank expects GDP to expand by 3.5%.

The bank also noted that the more flexible exchange rate system launched in January received positive responses from the markets and national and international institutions.