At the end of the quarterly meeting of its board, the BAM "decided to raise the key rate by 50 basis points to 3% and this, to prevent the triggering of inflationary spirals," according to a statement from the institution.
The central bank had already raised its key rate during its two previous councils in September and December.
This new monetary tightening comes in a context of strong inflationary surge, a source of social discontent.
In recent weeks, the soaring prices have been heavily criticised by opposition parties, trade unions and even some local media.
"Recent data show that inflation continues to accelerate, driven in particular by domestic supply shocks on some food products," BAM said.
Vegetables, fruits and meats are particularly affected by the increases.
Under pressure, the government, through Economy Minister Nadia Fettah Alaoui, promised that prices should "stabilize or fall" during the holy month of Ramadan, which opens this week.
According to figures from the High Commission for Planning (HCP), also published on Tuesday, the consumer price index increased by 1.7% in February and 10.1% over one year, due to the rise in the food index (+20.1%).
The Central Bank now expects inflation to remain high at 5.5% in 2023, compared to 6.6% in 2022. It is expected to return to 3.9% in 2024.
As for economic growth, the BAM revised down its forecast for 2023, to 2.6%, before recovering to 3.5% in 2024.
The Maghreb country's economy remains largely dependent on the agricultural and fisheries sector, which still accounted for nearly 12% of GDP in 2020.
© 2023 AFP