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Morocco's Central Bank Holds Benchmark Interest Rate Steady at 1.5%

Morocco’s central bank | Photo: REUTERS
Morocco’s central bank | Photo: REUTERS
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Morocco's Central Bank Holds Benchmark Interest Rate Steady at 1.5%

Morocco’s central bank | Photo: REUTERS
Morocco’s central bank | Photo: REUTERS

Morocco’s central bank kept its benchmark interest rate unchanged at 1.5% on Tuesday as it seeks to help the economy deal with the fallout of the coronavirus pandemic.

The central bank expects economic growth to contract 6.6% this year, citing the impact of COVID-19-related restrictive measures and a decline in farm output hit by drought. Growth is projected to rebound to 3.6% in 2021.

Inflation, triggered mainly by food prices, is seen at 0.7% in 2020 and 2021, before picking up to 1.3% in 2022.

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Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
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Escalating Hormuz Tensions Drive Up Middle East War Risk Insurance Costs

A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER
A container ship sails on the Strait of Hormuz, as seen from Ras Al Khaimah, United Arab Emirates, 23 June 2025. EPA/ALI HAIDER

War risk insurance premiums for shipments to the Middle East Gulf have jumped to 0.5% from around 0.2-0.3% a week ago after US airstrikes on Iran’s nuclear facilities and growing risks to the critical Strait of Hormuz, insurance sources said on Monday.

The cost of a seven-day voyage is based on the value of the ship and the increase will add tens of thousands of dollars each day in additional costs.

While underwriters typically price risk and rates individually, the current 0.5% level reflected rates on Monday, the sources told Reuters and The Insurer, which is part of the Thomson Reuters group.