Rabat — Moroccan households reduced their debt burden slightly in 2024, with the average debt-to-income ratio dropping to 34% from 35% a year earlier, according to the country’s 2024 annual financial stability report.
The report, published jointly by Bank Al-Maghrib (BAM), the Insurance and Social Welfare Control Authority (ACAPS), and the Moroccan Capital Market Authority (AMMC), analyzed data from credit institutions covering approximately 439,780 loan files granted during 2024.
Government workers lead borrowing activity
The composition of borrowers shifted significantly between professional categories. Private sector employees saw their share of total borrowers shrink from 42% in 2023 to 33% in 2024.
Meanwhile, government workers increased their presence, rising from 24% to 28% of all borrowers.
Retirees and self-employed professionals maintained stable shares at 19% and 9% respectively.
Despite their growing numbers, government workers carry the heaviest debt burden, with an average debt-to-income ratio of 62%.
High earners dominate lending market
The report indicates that borrowers earning more than MAD 10.000 ($1000) per month accounted for 60% of the total loan amount granted in 2024.
Paradoxically, this high-income group maintains the lowest debt ratio at 31%, suggesting they borrow more in absolute terms but remain within comfortable repayment limits.
Meanwhile, the report found that the 30-40 age group represents 26% of all borrowers, while those over 60 account for 24%. However, people aged 50-60 carry the highest debt burden, with an average ratio of 39%.
It also showed that a concerning 32% of individual borrowers carry debt payments exceeding 40% of their income in 2024. Among this heavily indebted group, 38% have debt ratios between 40% and 50%.
Government workers and private employees make up the majority of those with excessive debt burdens, representing 68% of borrowers whose debt payments exceed 40% of their income.
The slight improvement in overall debt levels offers modest relief, but the concentration of high debt ratios among certain professional groups and age brackets reveals ongoing financial stress for significant portions of Morocco’s borrowing population.
