His Majesty King Mohammed VI, accompanied by His Royal Highness Crown Prince Moulay El Hassan, received on Monday at the Royal Palace in Tetouan Abdellatif Jouahri, Governor of Bank Al-Maghrib, who presented the Central Bank’s Annual Report on Morocco’s economic, monetary and financial situation for the 2025 fiscal year.
During the audience, Jouahri highlighted that Morocco’s economy recorded a growth rate of 4.9% in 2025 despite an international environment marked by successive shocks and persistent uncertainty. Economic activity was driven primarily by strong investment, while inflation remained under control at an average of 0.8%.
The Governor also noted that Bank Al-Maghrib maintained an accommodative monetary policy by lowering its key interest rate to 2.25%, while continuing to meet banks’ liquidity needs and expanding efforts to improve financing access for very small businesses.
On the labor market, economic growth supported job creation, although unemployment remained high at 13%. Public finances continued to improve, with the budget deficit narrowing to 3.5% of GDP, supported by robust tax revenues and innovative financing mechanisms.
Regarding external accounts, Jouahri underlined the resilience of tourism revenues, remittances from Moroccans living abroad, and exports of phosphates, phosphate derivatives and aeronautics products. Official foreign exchange reserves reached MAD 443 billion, equivalent to nearly five and a half months of imports.
The Governor stressed that sustaining Morocco’s economic momentum requires ensuring that the benefits of growth are more evenly shared. He called for deeper structural reforms, stronger investment spillover effects, improved education and vocational training, greater private-sector involvement, and more targeted social support for vulnerable groups.
He also emphasized the importance of rationalizing public spending, accelerating pension reform and the reform of the Organic Finance Law, while advocating the establishment of strategic reserves of essential goods in line with the Royal High Instructions.
Jouahri further highlighted the need to accelerate Morocco’s energy transition, improve water resource governance and advance regionalization reforms to promote balanced and sustainable development.
At the end of the audience, the Governor presented His Majesty the King with Bank Al-Maghrib’s 2025 Annual Report, along with a solid gold commemorative coin issued to mark the first anniversary of “Aid Al Wahda.”
