Moroccan monarch reviews central bank’s 2025 economic report
Morocco’s King Mohammed VI examines Bank Al-Maghrib’s 2025 economic performance
Bank Al-Maghrib’s latest annual report reveals Morocco’s robust economic growth of 4.9% in 2025 despite global challenges, with inflation remaining under tight control at 0.8%.
His Majesty King Mohammed VI received Bank Al-Maghrib Governor Abdellatif Jouahri at the Royal Palace in Tétouan, where the central bank’s annual economic assessment for 2025 was presented.
The governor highlighted Morocco’s resilient economic trajectory, with GDP growth accelerating to 4.9% despite persistent global uncertainties. The inflation rate remained exceptionally stable at just 0.8% throughout the year.
Monetary policy and credit accessibility
Bank Al-Maghrib maintained an accommodative monetary stance, reducing its key interest rate to 2.25%. The central bank continued to ensure sufficient liquidity for commercial banks while introducing measures to ease credit access for small businesses and entrepreneurs.
Labor market and fiscal health
While economic expansion generated new employment opportunities, the national unemployment rate remained at 13%, indicating ongoing structural challenges in the labor market. The fiscal deficit narrowed to 3.5% of GDP, supported by strong tax revenues and innovative financing mechanisms.
Morocco’s external accounts remained robust, buoyed by tourism earnings, remittances from Moroccans abroad, and strong export performance in phosphates, phosphate derivatives, and aerospace. Official reserves strengthened to 443 billion Moroccan dirhams, covering more than five months of imports.
Addressing growth perception gaps
Governor Jouahri emphasized the need to bridge the gap between measured economic growth and public perception, noting two key challenges: slow labor market integration and persistent social inequalities. He stressed the importance of education reform, private sector engagement, and targeted social assistance to support vulnerable populations.
Strategic priorities for long-term resilience
Looking ahead, the central bank identified critical priorities: establishing strategic reserves for essential goods, accelerating renewable energy adoption to reduce external dependencies, strengthening water resource management, and advancing regional development through decentralized economic hubs.
In closing, Jouahri underscored the importance of coordinated public-private efforts under the Monarchy’s leadership to consolidate Morocco’s economic achievements.
During the presentation, Governor Jouahri formally submitted the 2025 annual report to King Mohammed VI, accompanied by a gold commemorative coin issued by Bank Al-Maghrib to mark the first anniversary of the ‘Aid Al Wahda’ initiative.