The Central Bank of Morocco announced in a statement released on January 2 it has approved the creation of five new Islamic banks and allowed three already existing lenders to open halal segments.

Morocco's central bank left its key monetary policy rate at 2.25 percent as inflation and the medium-term outlook is consistent with the bank's objective.

Morocco's central bank maintained its key policy rate at 2.25 percent, saying inflation is forecast to remain in line with its objective and average 1.6 percent this year and 1.2 percent in 2017 due to "the dissipation of temporary shocks on volatile food prices which would more than offset the expected increase in core inflation."

Morocco's central bank left its key policy rate at 2.25 percent as it revised upwards its forecast for inflation this year to 1.6 percent from 0.5 percent forecast in March due to a sharp rise in food prices.