Morocco’s outstanding banking credit soared 4.1% year-on-year in the first eleven months of 2024, totaling MAD 1,122.5 billion, as reported by Morocco’s Central Bank “Bank Al-Maghrib” (BAM).
In its latest “Bank Credits-Deposits” report, BAM highlighted that the outstanding credit is distributed between non-financial agents, totaling MAD 947 billion, and financial agents, amounting to MAD 175.5 billion.
Credit to private non-financial businesses showed a 1.8% year-on-year increase, reflecting rises of 7.9% in equipment loans, 6.4% in real estate development loans, and a 1.3% decrease in cash facilities.
The survey on credit granting conditions for the third quarter revealed that the criteria for cash and equipment loans remained unchanged, while they were relaxed for real estate development loans.
These observations apply to both loans to very small, small, and medium-sized enterprises (VSMEs) as well as to large enterprises (LEs).
Regarding demand, banks reported an increase for all types of credit and across all business sizes, both LEs and VSMEs.
BAM’s economic survey indicates that access to bank financing in Q3-2024 was considered “normal” by industrial companies. Additionally, 83% of industrial companies reported that the cost of credit remained stable.
Regarding loans granted to households, they recorded an annual increase of 0.8%, mainly linked to a 1.7% rise in housing loans and a 1.5% increase in consumer loans.
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