Policy Rate Held at 2.25%: What It Means for Your Home Loan

Why no change?

Inflation in Morocco remains very low: 0.3% on average over the first eight months of 2026. Bank Al-Maghrib expects 0.7% for 2026 as a whole and 1.5% in 2027. Given high international uncertainty (energy, conflicts, financial markets), the central bank prefers to hold and decide meeting by meeting. It forecasts growth of 4.4% in 2026.

What it means for borrowers

• No rise in sight for now: the cost of money for banks stays the same, which limits pressure on mortgage rates.
• More lending: Bank Al-Maghrib expects bank lending to the non-financial sector to grow by 8.1% in 2026, up from 4.8% in 2025.
• Housing loans were up 2.3% year-on-year at the end of August 2026, and Islamic home financing (Mourabaha) reached 32.3 billion dirhams, up 16.3% over one year.

Our tips before borrowing

• Compare offers from several banks: the final rate also depends on your profile and your down payment.
• Look at the total cost of the loan, including insurance and fees, not just the rate.
• Include purchase costs (registration, land registry, notary) in your budget.

Sources: Bank Al-Maghrib, Board press release of 22 September 2026; Bank Al-Maghrib credit dashboard (data to the end of August 2026).