Bank Al Maghrib reported a broadly stable expansion in economic financing in October 2025, driven by faster credit growth to the non financial sector and continued expansion in the money supply.
Central bank data showed bank lending to the non financial sector rose 3.6 percent year on year, up from 3 percent in September. Credit to private companies accelerated to 1.4 percent from 0.8 percent, while lending to state owned enterprises climbed 11 percent after 6.4 percent. Household loans edged up to 3.1 percent.
By category, consumer credit increased 4.5 percent and equipment loans were up 16.4 percent, while cash facilities remained negative at minus 4.8 percent. Property loans rose 3.2 percent.
Non performing loans grew 3.7 percent, keeping their ratio stable at 8.6 percent.
Money supply M3 reached about 1.98 trillion dirhams, up 7.4 percent, with official reserves rising nearly 20 percent, strengthening Morocco’s external position.
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