The Board of Morocco’s central bank (Bank Al-Maghrib) on Tuesday decided to keep unchanged the key policy rate at 1.5%, following its second quarterly meeting of the year 2021.

The Board analyzed the health and economic developments at the national and international levels, as well as the Bank’s medium-term macroeconomic projections, Bank Al-Maghrib said in a press release.

In this regard, the Board considered that the economic recovery is under way at a steady pace, supported by the easing of restrictions, the accommodative financial conditions and the fiscal stimulus.

However, the outlook remains surrounded by high uncertainties due mostly to the emergence of new variants of the virus and disparities in the pace of vaccination across countries, it added.

In view of these assessments, the Board considered that the monetary policy stance remains very accommodative, thereby ensuring adequate financing conditions, it noted. The Board deemed that the current level of the policy rate remains appropriate and thus decided to maintain it unchanged at 1.5 percent.