The Board, which held its last quarterly meeting of the year 2020, analysed national and international economic developments and the Bank's medium-term macroeconomic projections updated on the basis of the latest available data, of the recent developments related to the evolution of the pandemic and the authorities' reaction, as well as of the orientations of the 2021 Finance law, Bank Al-Maghrib said in a release.

The Board also inquired about the transmission of the latest monetary policy decisions and reviewed the updated record of the various support and stimulus measures put in place since the outbreak of the pandemic.

"In view of all these assessments, the Board considered that the monetary policy stance is widely accommodative, ensuring an adequate financing of the economy. It thus deemed the present level of the key rate appropriate and decided to keep it unchanged at 1.5 percent," the central bank points out.