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Casablanca – With the price hike crisis in Morocco, household bank loans have increased by 3.6% in the first half of 2022, against 3.3% previously, totaling more than MAD 376 billion ($36.5 billion), according to Bank Al-Maghrib’s (BAM) latest statistics.
While household debt is continuing to increase following a drop in 2020, this outstanding amount has risen by 4,8% compared to 2,7% two years ago, BAM’s report noted.
Compared to the first six months of 2021, when housing loans account for 65% of household debt, the outstanding real estate loans reached MAD 297.5 billion ($29 billion) in the first half of 2022, a growth of 2,1%, according to BAM’s recent data.
At the end of June 2021, the outstanding amount of housing loans was MAD 236.4 billion ($23 billion), up 2.5%, representing MAD 5.72 billion ($556 million), over the previous year, the study found.
Participatory financing amounts to roughly MAD 17.4 billion for the first six months of 2022, an increase of MAD 3.4 billion, a 24.1% increase over the first six months of 2021, BAM explained.
Read also: BAM: Morocco’s Consumer Loans Increased by 5.3% in 2021
For the first half of 2022, outstanding consumer loans reached MAD 57.2 billion ($5.5 billion) at the end of June, up 3.2% compared to the previous year, the report highlighted.
According to BAM’s analysis, consumer loans are the second most common source of household debt. In 2021, these loans accounted for 35% of total household debt.
As for household credit, the annual report noted that personal loans account for 70% of granted credit.
Car loans come second, with a share of 14% against 11% for domestic equipment loans and 4% for cards, according to BAM’s statistics, noting that the repayment term has increased over the previous few years.
Meanwhile, residents’ debt totaled MAD 366 billion ($35.5 billion), up 4.7% from 3.2% in 2020, the study concluded.
