Wednesday 18 March 2026 – 11:46
Bank lending to Morocco’s non financial sector rose 5.3% in January 2026 after growing 4.7% in the fourth quarter of 2025, Bank Al Maghrib said in its latest monetary policy report.
The increase reflected a 1.6% rise in lending to public enterprises after a 3.7% decline previously, an acceleration in credit growth to private companies to 3.7% from 2.9%, and a slowdown in household lending to 3.3% from 3.6%, the central bank said after its first quarterly policy meeting of 2026.
For private non financial companies, the trend was driven by faster growth in equipment loans, which rose 14.5% after 13.9%, and in real estate development loans, which increased 7.2% after 6.6%, while the decline in cash facilities remained broadly stable at 4.3%.
Household credit growth slowed to 3.4% from 3.7%, reflecting a deceleration in consumer loans to 3.7% from 4.9% and in housing loans to 2.5% from 2.8%.
Average lending rates were broadly unchanged in the fourth quarter at 4.82%.
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