Central Bank of Morocco cuts rates for first time since March 2012
North African economy has seen growth slow and unemployment rise in 2014
The Central Bank of Morocco (CBM) cut its benchmark interest rate by 25 basis points to 2.75% on Tuesday, to counter a slowdown in growth prompted by a drop in agricultural activity.
The cut was the CBM's first in two-and-a-half years and follows a deceleration in growth to 1.7% in the first quarter of 2014. The central bank said it expects the economy to expand 2.5% this year – half of last year's figure.
The CBM added that, according to second-quarter data, the unemployment rate had jumped up
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