Agadir – In January 2026, the banking sector reported significant developments in both credit and deposit activities, according to the Bank Al-Maghrib (BAM) report.
The total outstanding bank credit reached MAD 1,228.6 billion ($134.36 billion), marking an increase of 8.4% compared to January 2025. This growth was influenced by varying trends across different economic agents.
For non-financial agents, the outstanding credit amounted to MAD 996.3 million ($109 million), reflecting a slight decline of 0.4% from December 2025 but an increase of 5.3% year-on-year.
The credit allocated to non-financial enterprises stood at MAD 539.6 million ($59.03 million), showing a decrease of 1.3% from December 2025, yet a growth of 3.3% from the previous year.
Private enterprises accounted for MAD 456.8 million ($49.1 million) of the total, with a decrease of 2.0% from the previous month but an annual increase of 3.7%. Public enterprises, on the other hand, experienced a growth of 3.2% from December 2025, reaching MAD 82.9 million ($8.91 million).
Credit to private non-financial enterprises grew mainly due to a 14.5% increase in equipment loans and a 7.6% rise in real estate financing, although liquidity loans decreased by 4.3%.
Overall, credit to private enterprises was down 2.0% from the previous month but up 3.7% compared with January 2025, the report showed.
The BAM report explained that data from Q4 2025 indicated that banks had eased lending criteria for liquidity and equipment loans, while real estate financing conditions remained stable.
Meanwhile, demand for credit rose across most sectors, except real estate, which remained steady. Both large enterprises (GE) and small to medium enterprises (TPME) reported higher demand, and most businesses described access to financing as “normal.”
The interest rates applied to new loans showed a slight quarterly increase, rising by 6 basis points to 4.94%. The rates were differentiated by enterprise size, with large enterprises paying an average of 4.74% and TPME facing rates of 5.22%.
For households, the credit extended amounted to MAD 396.0 million ($42.56 million), reflecting a modest annual growth of 3.3%. This increase was attributed to a 3% rise in housing loans and a 3.8% increase in consumer loans.
BAM indicated that participation financing for housing, particularly in the form of Mourabaha, saw a notable rise to MAD 30 million ($3.22 million), up from MAD 25.1 million ($2.70 million) the previous year.
The bank noted that lending criteria for both housing and consumer loans had also been eased, with demand for these loans increasing.
The interest rates for household loans in the fourth quarter of 2025 were reported at 4.67% for housing loans and 6.89% for consumer loans.
On the deposit side, the total deposits in banks reached MAD 1,348.7 million ($145.01 million), reflecting an annual increase of 8.6%. Household deposits grew by 7.2% year-on-year, amounting to MAD 983.9 million ($105.80 million), with MAD 223.9 million ( $ 24.06 million) held by Moroccans residing abroad (MRE).
Overall, the January 2026 report highlighted a dynamic banking environment with varying trends in credit and deposit activities, reflecting the broader economic context.
