Objectives

  
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, the Bank may use its instruments to support growth or contribute to the achievement of other economic objectives.

Price stability means keeping inflation at a moderate and steady level over the medium term. In Morocco, inflation is measured using the consumer price index (base 100: 2017), which tracks changes in the cost of a fixed basket of goods and services consumed by Moroccan households. It is developed and calculated by the High Commission for Planning (HCP) based on a monthly survey covering 18 cities representing the Kingdom's 12 regions. The reference basket consists of 546 items and 1,391 varieties, classified according to the COICOP[1] nomenclature.

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.

[1] Classification Of Individual Consumption by Purpose.