Bank Al-Maghrib’s statistics show that Moroccan households have borrowed a total of MAD 339 billion.
Rabat – According to the latest statistics from Bank Al-Maghrib, Bank credit increased by 5.1% in the first half of 2019, up by 3.6% compared to the same period of 2018. The increase represents MAD 900 billion.
The performance is due to a 14.2% growth in financial credits, reaching MAD 131 billion. This includes loans granted to finance companies, offshore banks, mutual funds, and insurance companies among others.
The statistics show a notable increase in household loans by 5.4% compared to 3% a year earlier, to reach MAD 339 billion. Business loans slightly rose by 2.5%, up by 1.4% compared to the same period last year to reach MAD 359 billion.
Private sector loans also increased by 3.8%, up by 1.8% compared to the end of June 2018.
Capital loans rose by 5.5% to MAD 156.6 billion. Equipment loans stagnated at MAD 98 billion while corporate real estate loans posted a slight increase of 1% to reach MAD 53 billion.
Accounts Receivable (money owed by a company to its debtors) showed a significant increase of 15.7%. Home loans and consumer loans slightly increased by 4.9% and 4.2%, respectively.
Outstanding bank loans slightly increased by 2.8%, while those of the households notably increased by 11.3% to reach MAD 27.5 billion.
Bank deposits grew by 3.2% to reach MAD 927.6 billion. Cash in circulation notably increased by 7.7% to reach MAD 241.4 billion.
The statistics cited represent figures from August 2018 to the end of June 2019 compared to the same period from 2017-2018.