The average loan interest rate in Morocco recorded in the third quarter of this year was 4.24%, representing a decrease of five points compared to the previous quarter, and 10 points compared to the same period last year.
According to the Kingdom’s Central Bank Bank al Maghreb (BAM), interest rates applied to real estate loans to individuals were at 4.19% by the end of September, compared to 4.24% during the same period last year.
Interest on consumer loans also decreased from 6.51% to 6.39%, representing a 12 point decrease on an annual basis.
Interest on loans granted to contractors also decreased by about 13 points between September 2021 and September 2022, reaching 4.04% compared to 4.17%.
From January 2022 to September, the total loans granted by banks amounted to about MAD 1,031 billion, with a growth of about 6.7%, MAD 446 billion of which were for private companies, MAD 50 billion for public contracting, and MAD 377 billion for families.
BAM data indicates that the rate of non-performing loans reached 8.5% of total loans at the end of September.
Bank Al-Maghrib raised the main interest rate to 2% in September, and it was raised again this week to 2.5%.
It is expected that the repercussions of this successive increase on loans granted to households and businesses will only manifest starting 2023. Banks are expected to reverse this increase during the first or second quarter of next year, if inflators pressures ease.
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