Central Bank of Morocco cuts rates for first time since March 2012

morocco

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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