The single number that anchors almost every price in Moroccan finance is the Bank Al-Maghrib policy rate. This page is a living reference for that rate and the government bond yield curve it shapes: where they stand, why the curve is the shape it is, and how both flow through to banks, bond funds, and ordinary savers. It is updated after every BAM board meeting rather than tick by tick.
Bank Al-Maghrib, Morocco's central bank, sets one headline number four times a year: the key policy rate. As of this update it is 2.25%, and it has stayed there since the March 2025 decision. The board reviewed it again on 17 March 2026 and on 23 June 2026, and left it unchanged both times. The next scheduled review is 22 September 2026.
A held rate is not a non-event. Holding at 2.25% is a deliberate signal that the central bank judges inflation contained enough not to tighten, but not so weak that it needs to cut to support growth. For anyone borrowing, saving, or holding Moroccan bonds, "held" means the anchor everything else is priced against is not moving, so the action shifts to the rest of the curve.
When the Treasury borrows, it does so across a range of maturities, from 13-week bills to 30-year bonds, and each carries its own yield. Bank Al-Maghrib publishes a secondary-market reference curve for these Bons du Tresor. The table below is that curve as published on 2026-07-17.
| Maturity | Reference yield | Reading |
|---|---|---|
| 13 weeks | 2.16% | Below the policy rate; the shortest paper is the safest and cheapest to fund |
| 26 weeks | 2.17% | Still anchored near the 2.25% policy rate |
| 52 weeks | 2.21% | One-year money barely above six-month money: a very flat short end |
| 2 years | 2.22% | The market is not pricing rate rises in the near term |
| 5 years | 2.72% | The curve begins to steepen as maturities lengthen |
| 10 years | 2.88% | The benchmark long rate, the reference for pricing risk across the market |
| 15 years | 3.17% | Term premium building for very long commitments |
| 20 years | 3.64% | Steep step up: few natural buyers at this tenor |
| 30 years | 3.72% | The longest paper; roughly 1.5 points above the 13-week bill |
Two things stand out. First, the short end is flat and sits right around the policy rate: 13-week to 2-year yields all cluster between 2.16% and 2.22%. That is the market saying it expects Bank Al-Maghrib to keep the rate roughly where it is for the foreseeable future. If investors expected cuts, the short end would dip below the policy rate; if they expected hikes, it would rise above. Right now it does neither in any meaningful way.
Second, the curve slopes clearly upward beyond five years, from 2.72% at 5 years to 3.72% at 30. That is a normal, healthy shape: lenders demand extra yield, the term premium, to lock money up for decades. An upward-sloping curve is generally read as a market that is neither fearing recession (which tends to flatten or invert the curve) nor panicking about inflation (which would push the whole curve sharply higher).
The most useful thing to notice about Moroccan rates today is how quiet the front end is. With the policy rate held at 2.25% and one-year money at 2.21%, the market is pricing almost no change in the near term, which is a stark contrast to the 2022-2023 period when Bank Al-Maghrib was forced into back-to-back hikes to contain imported inflation. A stable, low short rate is quietly favourable for two groups at once: banks funding themselves cheaply, and the Treasury refinancing short-dated debt. The risk it hides is duration, the long end has already re-priced higher (30-year at 3.72%), so a bond fund heavy in long maturities carries real price risk even while the policy rate sits still.
The 22 September 2026 board meeting, and specifically the language around inflation and the 2026 harvest. The clearest early signal of a change would come not from the announcement itself but from the short end of this curve starting to drift away from 2.25% in the weeks before it.
The policy rate and the yield curve are not abstractions. They set prices that reach into almost every corner of Moroccan finance. This is where the rates story connects to the rest of the market.
Banks. A bank earns the spread between what it pays for deposits and what it charges on loans, and it holds a large book of government bonds as liquid reserves. A stable, low policy rate keeps funding cheap, so bank margins depend more on loan growth and the cost of risk than on rate moves. But the yield curve also sets the market value of the bonds banks hold: when long yields rise, the value of existing long bonds falls. That is why the curve matters to both sides of a bank's balance sheet.
Bond funds and savers. Most Moroccan savers meet the bond market through OPCVM funds, the local mutual funds, many of which hold Treasury bills and bonds. When yields rise, the market price of the bonds already in a fund falls, so a "safe" bond fund can post a negative month. Understanding the curve, and especially how much long-dated exposure a fund carries, is the difference between being surprised and being prepared. For the mechanics of how these instruments pay, see our guide to T-bills and bond yields.
Borrowers and the government. Mortgage and corporate loan rates are priced off the same base. A stable policy rate means predictable borrowing costs. And the whole curve is the cost of financing the state: the government issues across these maturities, so a lower curve directly eases the budget's interest bill, freeing room for the multi-year public investment programme.
The currency channel. Moroccan rates do not move in isolation from the world. The dirham is pegged to a basket that is roughly 60% euro and 40% dollar, so when foreign central banks move, the pressure feeds back here. A wider gap between Moroccan and foreign rates changes the calculus for capital flows and, indirectly, the pressure the peg has to absorb, which is the through-line into our macro-risk page.
This section grows over time rather than being overwritten, so the evolution stays visible. Newest first.
What is the current Bank Al-Maghrib policy rate?
The key rate is 2.25%. It has been held at that level since March 2025, and was maintained again at the 17 March 2026 and 23 June 2026 board meetings.
Why is the Moroccan yield curve upward sloping?
Short-dated Treasury bills price close to the 2.25% policy rate, while longer maturities carry a term premium to compensate lenders for tying up money over many years. As of 17 July 2026 the 13-week bill yielded about 2.16% and the 30-year bond about 3.72%, a spread of roughly 1.5 percentage points.
How do interest rates affect Moroccan bank stocks?
Banks earn a spread between deposits and loans and hold large government bond books. When the policy rate is stable and low, margins depend more on loan growth and the cost of risk than on rate moves, while the yield curve sets the value of the bonds banks hold.