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Morocco Central Bank Cuts Benchmark Interest Rate to 2.5%

The central bank said the decision was consistent with the inflation outlook. Photo: X
The central bank said the decision was consistent with the inflation outlook. Photo: X
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Morocco Central Bank Cuts Benchmark Interest Rate to 2.5%

The central bank said the decision was consistent with the inflation outlook. Photo: X
The central bank said the decision was consistent with the inflation outlook. Photo: X

Morocco’s central bank cut the benchmark interest rate by 25 bps to 2.5% on Tuesday, saying the decision was consistent with the inflation outlook.

Inflation would average 1% in 2024, easing from 6.1% last year, before picking up to 2.4% in 2025, the bank said in a statement following its quarterly board meeting.

The bank expects the economy to grow by 2.4% this year, down from 3.4% in 2023, as drought continues to weigh on the farming sector, it said.

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Mawani Adds Silmar Group's ‘MXS1’ Shipping Service to Jeddah Islamic Port

Mawani Adds Silmar Group's ‘MXS1’ Shipping Service to Jeddah Islamic Port
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Mawani Adds Silmar Group's ‘MXS1’ Shipping Service to Jeddah Islamic Port

Mawani Adds Silmar Group's ‘MXS1’ Shipping Service to Jeddah Islamic Port

The Saudi Ports Authority (Mawani) announced on Wednesday the addition of the Silmar Group's new cargo service "MXS1" to Jeddah Islamic Port, to help expand exports and imports, according to a vision supported by reliable and efficient operations, and a safe and sustainable environment, SPA reported.
The move is part of Mawani's endeavor to improve the Kingdom's position in the maritime network connectivity index, in line with the National Transport and Logistics Strategy's objective of consolidating Saudi Arabia's position as a global logistics center and a hub linking three continents.
The new cargo service, with a capacity of 2,076 standard containers, connects Jeddah Islamic Port to the ports of Mundra in India, Karachi in Pakistan, Mersin and Yarimca in Türkiye, and Jebel Ali in UAE.