Morocco's central bank cuts official rates

Morocco's Central Bank, "Bank Al-Maghrib," decided on Tuesday to cut the discount rate by 25 basis points to 4.75 percent and the Lombard rate by 75 basis points to 5.75 percent, effective March 21.

The decision to lower the rate to 4.75 percent for tender operations and to 5.75 percent for five-day advances was made at the bank's board meeting.

It was taken due to "an expected improvement this year in the financial situation and its macro-economic indicators," the bank said in a statement.

According to forecasts, Moroccan economy is expected to post in 2001 a growth rate of 8 to 10 percent.