Evolution of the Operational Framework and the Effectiveness of Monetary Policy Transmission in Morocco

Abstract

This article offers a critical and structured analysis of the evolution of monetary policy in Morocco within the broader context of macroeconomic reforms undertaken since independence. It highlights the central role of monetary policy in modernizing the country’s economic architecture, emphasizing its gradual transformation toward a more coherent, transparent framework aligned with international standards. The study is organized around three major historical phases: an initial period marked by strong state intervention and discretionary monetary policy; a second phase characterized by the adoption of indirect instruments in a context of financial liberalization; and a current phase oriented toward an inflation targeting regime. The article examines the progress achieved, the ongoing challenges, and the institutional and operational conditions necessary for the success of this transition. Through this analysis, it seeks to inform the strategic choices of monetary authorities and contribute to the debate on the future of macroeconomic governance in Morocco