June 16, 2020 / 2:24 PM / in 17 days

Morocco's central bank cuts benchmark interest rate to 1.5%

RABAT, June 16 (Reuters) - Morocco central bank cut on Tuesday its benchmark interest rate by 50 basis points to 1.5% to help mitigate the economic repercussions of the coronavirus outbreak.

The bank saw inflation, mainly affected by food prices, raising to 1% in 2020 from 0.2% in 2019.

Growth is expected to plunge to -5.2% from +2.5% in 2019 on the back of the coronavirus impact and drought. (Reporting by Ahmed Eljechtimi)

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