Four African central banks take policy decisions

africa map

Morocco: The board of the Bank of Morocco raised its benchmark rate by 50 basis points, to 2%, at its quarterly policy meeting on September 27.

This is the first change in the rate since June 2020, and the first increase since 2008.

In its press statement, the board said it acted to stem rising inflation, which had reached 8% in August. It added price rises were affecting an increasing proportion of the consumer basket of goods, saying food, fuel and lubricant prices were driving inflation.

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