Over 55% of Moroccan families rely on their income to cover their expenses, while 42.2% resort to the additional measure of taking out loans to meet their financial obligations, according to Morocco’s Statistics and Forecasts Office (HCP).
The HCP’s survey revealed that 86.1% of Moroccan families have experienced a decline in their living standards over the past year, and 79.5% of households in the Q3 of 2023 believe that it is not a suitable time to make purchases. Additionally, 98% of families have witnessed an increase in food prices in the past year.
Last month, Central bank “Bank Al-Maghrib” decided to maintain the interest rate at 3%, as there are expectations of a decrease in inflation to 2% during the Q4 of 2023.