By the end of August 2025, bank lending in Morocco reached a total of 1.161 trillion dirhams, marking a 5.3% increase over the previous year, according to data released by Bank Al-Maghrib. This growth was driven by a steady rise in loans to non-financial entities, which climbed by 3.4%, alongside a much sharper surge in financing to financial institutions, which jumped 15.9%.
For private companies, borrowing showed only modest growth of 1%. However, this overall figure masks significant movement within specific sectors. Equipment loans saw a strong increase of 14.6%, reflecting renewed investment activity, while lending to real estate developers also improved, rising 6.2%. On the flip side, short-term cash flow loans fell sharply, dropping by 8.9%, signaling tighter liquidity management or reduced immediate funding needs.
Among households, credit grew by 3%, evenly split between home loans and consumer credit. Meanwhile, Morocco’s participatory finance sector continues to expand, with Islamic home financing through Mourabaha arrangements reaching 27.7 billion dirhams, up from 23.5 billion a year earlier.
Borrowing conditions eased during the second quarter of the year, as average interest rates on new loans moved downward. The overall average rate stood at 5.77%. Consumer loan rates dropped by 25 basis points to 6.88%, while mortgage rates edged down by 6 basis points to settle at 4.68%.
On the deposit side, banks recorded an annual increase of 8.3%, bringing the total to 1.302 trillion dirhams. Households accounted for the bulk of these deposits, contributing 951.8 billion dirhams—a 6.5% rise. Notably, Moroccan expatriates held 215.3 billion dirhams of that total. Private companies also boosted their deposits significantly, which climbed 10.9% year-on-year to reach 232 billion dirhams.
As for returns on savings, 12-month term deposits dipped slightly to 2.48%, while 6-month deposits saw a marginal increase to 2.46%. The minimum rate applied to savings accounts was revised downward to 1.91% for the second half of the year, down 30 basis points from the previous semester.
