The primary objective of monetary policy in Morocco is price stability, as stipulated in the Statutes of Bank Al-Maghrib.
Without prejudice to the objective of price stability set in consultation with the Minister of Finance, the Bank discharges its mission in the context of the economic and financial policy of the government". In other words, and in the absence of pressures on prices, the Bank may use its instruments to support growth or contribute to the achievement of other economic objectives.
Price stability does not mean zero inflation but keeping inflation within a comfortable and stable level over the medium-term. In Morocco, inflation is measured by the consumer price index, which reflects the overall price level felt by an urban household. It is estimated, on a monthly basis, by the High Planning Commission based on a monthly survey covering 17 cities, 478 products and 1067 varieties.
Why price stability?
It helps preserve the purchasing power of citizens and gives a better visibility to investors and businesses. In so doing, the central bank contributes to growth, employment and overall to the economic development of the country.