Morocco's economy and financial markets
Key indicators of Morocco's economy and financial system, updated automatically: interest rates, national and city inflation, quarterly growth, stock market, bank soundness and exposure to climate risk.
2.25 % policy rate, August 2026
Updated : 25 October 2026
Latest values
1 Interest rates and monetary policy
The policy rate comes from the IMF "discount rate" series, which tracks Bank Al-Maghrib's decisions (3%, then 2.75% in June 2024, 2.50% in December 2024 and 2.25% in March 2025). Monthly values.
2 Inflation
Food prices vary more than the overall index: they depend on farm seasons and import prices. This describes the data; it does not measure the effect of drought on prices.
Inflation by city · September 2026
- Laayoune +2.9 %
- Guelmim +2.8 %
- Oujda +2.3 %
- Agadir +1.3 %
- Tetouan +1.2 %
- Meknes +1.1 %
- Dakhla +0.9 %
- Kenitra +0.8 %
- Rabat +0.7 %
- Tangier +0.5 %
- Casablanca +0.1 %
- Al Hoceima 0.0 %
- Beni Mellal −0.1 %
- Fez −0.4 %
- Marrakesh −0.4 %
- Safi −0.6 %
- Settat −0.9 %
- Errachidia −1.3 %
3 Growth, farming and rain
Real GDP growth, year on year
Each quarter compared with the same quarter a year earlier, at constant prices.
Drought and agricultural output
Does rainfall show up in farm output? This section compares rainy-season drought (October to March) with agricultural value added growth in the same year.
0.61Pearson correlation, p = < 0.001
0.65Rank correlation (Spearman), p = < 0.001
34Years (1992–2025)
1.38March 2026 SPEI-6Standardised drought index: compares the balance between rainfall and evapotranspiration with what is normal for the same period. Below −1 moderate, below −1.5 severe, below −2 extreme drought. The number 3 or 12 is the number of months accumulated.
Over 1992–2025, years with a drier rainy season are associated with weaker agricultural growth, and the association is statistically significant. This is a correlation, not a measure of a causal effect: other factors (sown area, prices, irrigation, rainfall timing) also affect output.
4 Stock market
Casablanca Stock Exchange share price index as published by the IMF (end-of-month value). The exchange website does not allow automated reading, so the daily MASI is not shown here.
5 Banks and insurance
Bank capital to assets ratio (%)
Domestic credit to private sector by banks (% of GDP)
For a detailed assessment of financial-system soundness, including insurance and climate stress tests:
- Financial stability report, fiscal year 2025 BAM · ACAPS · AMMC
- Double Trouble? Assessing Climate Physical and Transition Risks for the Moroccan Banking Sector BAM · World Bank, 2024
- All Morocco reports →
Neither ACAPS nor the catastrophe solidarity fund (FSEC) publishes machine-readable series, so insurance is covered through the reports.
6 Exposure to climate risk
Composite indicator built by the IMF using the INFORM method: it combines climate hazards (drought, floods, storms…) and exposure, population vulnerability and lack of coping capacity. Higher values mean higher risk.