Nigeria and Morocco raise rates
Inflation hits record level in Morocco and remains high in Nigeria
Nigeria and Morocco’s central banks both raised their policy rates by 50 basis points on March 21.
Morocco: At its first monetary policy meeting of 2023, the Bank Al-Maghrib raised its policy rate by 50 basis points, to 3%.
This was the third consecutive quarterly meeting where there was a 50bp increase.
“Inflation continues to accelerate, notably under the effect of internal supply shocks on certain food products,” the board said. Year-on-year inflation in Morocco reached a record level of
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