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Agadir – Morocco’s financial system continued to demonstrate resilience in 2025 despite persistent global uncertainties, according to the Systemic Risk Coordination and Monitoring Committee (CCSRS).
In a statement following its twenty-third meeting, released by Bank Al-Maghrib (BAM), the committee said the country’s financial sector remains supported by a strong economy and solid financial safeguards.
“The Moroccan financial system continues to demonstrate resilience, supported by strong fundamentals and generally comfortable prudential buffers,” the committee said in a statement.
The committee noted that Morocco’s economy benefited from favorable weather conditions and strong non-agricultural activity in 2025, with economic growth accelerating to 4.9%, up from 4.4% in 2024.
According to BAM’s projections, growth is expected to reach 5.2% in 2026 before easing to 3.1% in 2027, assuming an average cereal harvest.
Inflation remained low at 0.8% in 2025 and is projected to rise gradually to 1.5% in 2026 and 2.1% in 2027, while the current account deficit is expected to widen temporarily before narrowing again in 2027.
The committee also pointed to continued fiscal consolidation, noting that the budget deficit narrowed to 3.5% of GDP in 2025 and is expected to stabilize at 3.4% over the next two years. Meanwhile, Morocco’s Treasury debt ratio is projected to decline gradually to 65.1% of GDP by 2027.
The banking sector recorded another year of strong performance, with credit to the non-financial sector increasing by 6.5% in 2025.
The insurance sector also maintained strong momentum, with total premiums rising 7.5% to MAD 63.2 billion ($6.9 billion) in 2025. Net profit climbed 21.4% to MAD 5.3 billion ($580 million), pushing the sector’s return on equity to 11.1%, its highest level in a decade.
Meanwhile, unrealized investment gains reached a record MAD 62.5 billion ($6.8 billion), reflecting strong stock market performance after two consecutive years of gains in the MASI (Moroccan All Shares Index), the Casablanca Stock Exchange’s main benchmark index.
The committee nevertheless warned that public sector pension schemes continue to face structural imbalances despite improvements linked to salary increases introduced under the April 2024 social dialogue agreement.
It stressed that a comprehensive pension reform remains necessary to ensure the long-term sustainability of Morocco’s retirement system.
