Total outstanding bank credit in Morocco reached MAD 1.12 trillion (USD 108.7 billion) at the end of October, reflecting a 3.6% increase over last year, according to a recent report from the country’s central bank, Bank Al-Maghrib (BAM).
Private non-financial businesses were a key driver, with credit rising by 1.5%, underpinned by a 6.9% jump in equipment loans and a 4.5% rise in real estate development financing. Treasury loans showed minimal growth at 0.2%.
Meanwhile, interest rates on new loans averaged 5.33% in Q3, down from earlier levels. Large enterprises benefited from rates as low as 5.14%, while small and medium enterprises had slightly higher rates of 5.74%.
Individual Credit Rose Steadily
Overall credit to individuals and households rose by 1%, with housing loans and consumer credit both increasing by 1.6%. Islamic financing options, particularly through Mourabaha contracts, demonstrated robust growth, climbing to MAD 24.1 billion (USD 2.4 billion) —a 14.1% rise from the previous year.
Borrowing costs for households largely remained steady, with housing loan rates dipping slightly to 4.76% and consumer loan rates increasing to 7.06%.
Deposits Reached New Highs
Deposits across Morocco’s banking sector amounted to MAD 1.2 trillion (USD 120 billion) at the end of October, marking a 7% year-over-year increase. Household deposits rose by 6.1% to MAD 900.1 billion (USD 90 billion), including MAD 208.8 billion (USD 20.8 billion) from Moroccan expatriates. Deposits of private non-financial enterprises also jumped 10.4% to MAD 212 billion (USD 21.2 billion).