Outstanding bank credit increases by 6.7% at the end of March 2024

Outstanding bank credit increases by 6.7% at the end of March 2024
Outstanding bank credit increases by 6.7% at the end of March 2024

Outstanding bank credit stood at 1,107.9 billion dirhams (billion dirhams) during the first three months of 2024, an annual increase of 6.7%, according to Bank Al-Maghrib (BAM).

This outstanding amount is distributed among non-financial agents with 925.7 billion dirhams and financial agents (182.1 billion dirhams), specifies BAM in its recent “Bank Credits-Deposits” dashboard.

The 1.9% annual increase in credit to private non-financial enterprises (NFEs) covers a 5.1% increase in equipment loans and decreases of 4.6% in liquidity facilities and 0.3% credits for real estate development, indicates the same Source.

Read also | Bank Al-Maghrib and the World Bank deploy the “Douar Tour” for financial inclusion in rural areas

Regarding assistance to households, they recorded an annual increase of 1%, essentially reflecting an increase of 1.5% in home loans and 0.3% in consumer loans.

BAM also announces that crowdfunding intended for housing, in particular in the form of real estate Murabaha, continued to grow and stood at 22.2 billion dirhams after 19.6 billion dirhams a year earlier.

Read also | Banks: Here is the number of account holders in Morocco

And remember that in Q4-2023, banks indicate unchanged granting criteria for home loans and relaxed ones for consumer loans. As for demand, it would have declined both for housing loans and for consumer loans.

As for the rates applied to new loans, they were, in Q1-2024, generally up at 6.09%, with an increase to 7.22% for consumer loans and a slight drop to 4.81 % for those in housing.

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