In short
- The policy rate is the main rate set by the central bank.
- On September 22, 2026, Bank Al-Maghrib kept it at 2.25%.
- Inflation measures the general rise in prices.
- Rates influence loans, bonds and shares, but not automatically.
What is the policy rate?
Bank Al-Maghrib lends money to banks in the short term. The policy rate is the reference for these operations. When it changes, the cost of money for banks can change, and then, gradually, the rates offered to companies and households.
The situation in September 2026
According to Le Matin, the Bank Al-Maghrib Council met on September 22, 2026 and kept the rate at 2.25%, unchanged since June 2025. The article gives an inflation forecast of 0.7% in 2026 and 1.5% in 2027. These figures date from that meeting and may be revised.
Inflation, in one example
If a shopping basket costs 1,000 dirhams and inflation is 2% over one year, it will cost 1,020 dirhams the next year, for the same goods. An investment that earns less than inflation loses purchasing power, even if its amount in dirhams goes up.
How rates can affect markets
| Area | When rates rise | When rates fall |
|---|---|---|
| Loans | Borrowing tends to cost more | Borrowing tends to cost less |
| Existing bonds | Their price tends to fall | Their price tends to rise |
| Shares | Future profits may be valued less | Shares may attract more interest |
These trends are not automatic. The market may already have expected the decision, and company results or the international context can matter more.
Why sectors do not all react the same way
- Heavily indebted companies are sensitive to the cost of their debt.
- Real estate depends partly on the cost of loans to households.
- Banks are affected differently, because both their income and their costs depend on rates.
To follow lending in Morocco, read our article on bank lending at the end of September 2026.
Frequently asked questions
Is the policy rate the rate on my loan?
No. Your rate is set by your bank. It also depends on the duration, the risk and the bank’s terms.
Does a rate cut always push the stock market up?
No. It can help, but other factors can matter more.
This article is for information and educational purposes only. It is not investment advice or a recommendation to buy or sell any security. Investing in shares involves a risk of capital loss. Check figures against official sources (Casablanca Stock Exchange, AMMC) and consult a licensed professional. Read the full disclaimer.
