At the end of November 2024, outstanding bank credit in Morocco reached 1,122.5 billion dirhams (billion dirhams), recording an annual increase of 4.1%, according to data published by Bank Al-Maghrib (BAM). This outstanding amount is divided between non-financial agents, with 947 billion dirhams, and financial agents, who represent 175.5 billion dirhams.
Business loans: contrasting developments
Credit to private non-financial companies increased by 1.8% over one year. This increase results from a 7.9% increase in equipment loans and a 6.4% increase in real estate development loans, compared to a 1.3% decrease in liquidity facilities. According to the BAM survey for the third quarter (Q3) of 2024, the granting criteria remained unchanged for cash and equipment loans, but were relaxed for real estate development loans, both for large companies (GE) and for very small, small and medium-sized companies (SMEs).
Demand for credit has seen a widespread increase, covering all types of loans and all sizes of businesses. Access to bank financing was considered “normal” by manufacturers, while 83% of companies estimated that the cost of credit had remained stable.
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Household loans and crowdfunding
Household loans increased by 0.8% over one year, supported by an increase of 1.7% in home loans and 1.5% in consumer loans. Furthermore, crowdfunding, particularly in the form of real estate Murabaha, continued to grow, reaching 24.5 billion dirhams compared to 21.4 billion dirhams a year earlier.
Interest rates: slight variations
The rates applied to new loans fell to 5.33% in Q3-2024, with an average of 5.14% for large companies and 5.74% for SMEs. For household loans, the rates varied slightly: those for home loans decreased by 3 basis points to 4.76%, while those for consumer loans increased by 3 basis points to 7. 06%.
These figures reflect an overall positive development in the Moroccan banking sector, with increased demand for loans and relative stability of granting conditions.
