Morocco's central bank decided on Tuesday to maintain its key interest rate unchanged at 3 percent, Paralel.Az reports citing Reuters.

Following its quarterly meeting held Tuesday, the Central Bank concluded that the current policy rate was appropriate to keep prices stable.

The Central Bank said in a statement that the board will continue to closely monitor economic conditions and inflationary pressures.

The bank expected Morocco's economy to grow by 2.7 percent in 2023 and 3.2 percent in 2024, it added.

Morocco's inflation rate is expected to shrink to 6.1 percent in 2023 from 6.6 percent in 2022, before declining to 2.4 percent in 2024, according to the statement.