Moroccans’ indebtedness to banks reached 1,089 billion MAD during the first two months of 2024, marking a 5.7% increase year on year, according to Morocco’s central Bank, Bank Al-Maghrib (BAM), latest figures.
The central Bank said that this current amount is distributed among non-financial agents amounting to 915,3 billion MAD, and financial agents totaling 173,7 billion MAD.
The bank attributed the slowdown in loans granted to private non-financial contractors primarily to an 8.4% contraction in cash facilities, a 0.6% decrease in real estate revitalization loans, and a 3.1% increase in equipment loans.
Regarding loans granted to households, there was a 1.3% annual increase, mainly driven by a 1.6% rise in housing loans and a 0.5% increase in consumer loans.
Islamic mortgage, particularly in the form of real estate Mourabaha, continued its growth, stabilizing at 22 billion MAD after recording 19.3 billion MAD in 2023.
Household deposits reached 862,1 billion MAD, an annual increase of 3.9%, with 203,7 billion MAD held by Moroccan expatriates. The deposits from private companies rose by 7% to 200 billion MAD at the end of February.