The Bank al-Maghrib of Morocco held its main policy rate unchanged at 3.25%. The Bank said: “Nationally, despite the slowdown in the global economic activity, domestic demand continued to hold up well…. In this context where the central inflation forecast is permanently consistent with the price stability objective and the balance of risks is tilted to the downside, the Board decided to keep the key rate unchanged at 3.25 percent.” The Bank also said: “In view of the sustained liquidity shortage on the money market and considering the outlook for liquidity factors, Bank Al-Maghrib will carry out longer term repo transactions, as part of its operations to regulate the money market.”