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Casablanca — Bank credit in Morocco reached MAD 1.251 trillion ($136.37 billion) at the end of March 2026, up 7.4% compared to the same period last year, according to Bank Al-Maghrib’s (BAM) latest banking dashboard.
Credit granted to private non-financial companies rose 5.4% year-on-year. The increase was driven mainly by a 13.7% rise in equipment loans, alongside a 7% increase in real estate development loans and a 1.1% rise in treasury facilities.
BAM said lending conditions during the fourth quarter of 2025 eased for treasury and equipment loans and remained unchanged for real estate development loans. Banks also reported higher demand for nearly all types of business credit from both large companies and very small, small, and medium enterprises (TPMEs).
The central bank’s business survey showed that 75% of companies described access to bank financing in the first quarter of 2026 as “normal,” while 18% considered it “easy.” Around 90% said borrowing costs remained stable.
Interest rates on new loans to businesses fell by 15 basis points quarter-on-quarter to 4.79% in the first quarter of 2026. Rates stood at 4.55% for large companies and 5.20% for TPMEs.
Household loans increased 3.4% annually, with housing loans rising 2.9% and consumer loans up 3.9%. Participatory housing finance, mainly through real estate Mourabaha contracts, climbed to MAD 30.6 billion ($3.34 billion) from MAD 25.8 billion ($2.81 billion) a year earlier.
Banks also reported stronger demand for both housing and consumer loans during the fourth quarter of 2025. Interest rates on new housing loans stood at 4.66% in the first quarter of 2026, while consumer loan rates reached 6.86%.
Meanwhile, bank deposits rose 8.4% year-on-year to MAD 1.383 trillion ($150.75 billion) by the end of March. Household deposits reached MAD 1.003 trillion ($109.33 billion), including MAD 228 billion ($24.85 billion) held by Moroccans living abroad. Deposits from private non-financial companies increased 11.4% to MAD 257.7 billion ($28.09 billion).
The interest rate on six-month term deposits increased slightly to 2.21%, while the rate for 12-month deposits fell to 2.73% at the end of March. The minimum remuneration rate for savings accounts was set at 1.61% for the first half of 2026.
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