The overall lending rate in Morocco increased by 3 basis points to reach 5.43% in the second quarter of 2024, according to recent data published by Bank Al-Maghrib (BAM). This increase, although moderate, reflects a general trend of rising borrowing costs in the country, affecting both businesses and individuals.
A differentiated impact
The different segments of credit were affected unevenly. Cash facilities, crucial for the day-to-day management of businesses, posted a rate of 5.39%, while equipment loans, essential for long-term investments, were at 5.02%. Home loans, which are a key indicator of the health of the real estate market, were at 5.30%, and consumer loans, often the most expensive for households, peaked at 7.03%.
Regarding the institutional sectors, BAM specifies that credits to individuals are subject to an average rate of 5.89%, while non-financial companies benefit from a slightly lower rate of 5.37%. Within the latter group, large companies benefit from slightly more favorable conditions with a rate of 5.34%, compared to 5.68% for very small, small and medium-sized enterprises (VSMEs).
Private companies also saw their deposits increase by 7.7% to reach 203.9 billion dirhams at the end of June. The remuneration rates of term deposits, for their part, increased slightly, with a rate of 2.77% for 6-month deposits and 3.2% for 12-month deposits.
Outstanding bank credit increased by 3.2% to reach MAD 1,110.5 billion at the end of June 2024. Credit to non-financial agents increased by 1.2%, while that to financial agents recorded a more marked increase of 14.3%. However, credit to private non-financial companies declined by 0.7%, mainly due to a 5.9% drop in liquidity facilities. On the other hand, loans for equipment and real estate development increased by 6.6% and 0.3% respectively.
Another notable trend is the continued growth of crowdfunding for housing, particularly in the form of “real estate Murabaha”. This segment reached 23.1 billion dirhams at the end of June 2024, recording an increase of 13.5% compared to the previous year.
Current BAM indicators show that access to bank financing remains considered “normal” by manufacturers, and that the cost of credit appears to be stagnating for the majority of companies. However, the slight increase in lending rates and the growth in bank deposits suggest that pressure on rates could continue or even intensify in the coming months.
The market remains attentive to the upcoming monetary policy decisions of Bank Al-Maghrib, particularly with regard to the evolution of key interest rates, which could directly influence borrowing and deposit conditions for economic players in Morocco.
LNT
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– 2024-08-10 22:47:52
