Bank Al-Maghrib (BAM) reported that outstanding bank credit in Morocco reached 1.112 billion dirhams (MMDH) during the first seven months of 2024, reflecting a year-on-year increase of 4.6%. This total is divided between non-financial agents, who account for 937.3 MMDH, and financial agents, who hold 174.6 MMDH, as outlined in BAM’s latest “Credits-Deposits” dashboard.
Bank credit to private non-financial enterprises saw an annual increase of 1.8%, driven primarily by a 4.1% rise in real estate development loans and a 5.4% increase in equipment loans. However, cash facilities experienced a slight reduction, with the rate of decline easing to 1.3%.
Regarding household loans, there was an annual growth of 1%, primarily due to a 1.5% rise in housing loans and a 1% increase in consumer credit.
BAM also noted continued growth in participatory financing for housing, particularly through real estate Mourabaha, which reached 23.3 MMDH, up from 20.5 MMDH a year earlier.
In the first quarter of 2024, banks reported easing lending criteria for both housing and consumer loans. While demand for housing loans remained stable, there was an increase in demand for consumer loans.
Interest rates on new loans decreased overall to 5.9% in the second quarter of 2024, with rates for consumer credit falling to 7.03% and those for housing loans dropping to 4.79%.
