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Bank Lending Rates Rise 15 Basis Points in Q2 2026, While Mortgage and Consumer Loans Ease
Morocco’s central bank reports that the average lending rate applied by banks edged up by 15 basis points to 4.81% in the second quarter of 2026. The increase is driven by higher rates on cash‑flow and equipment financing, while mortgage and consumer‑loan rates have slightly softened. The divergence across loan categories and borrower types suggests a nuanced credit environment for both households and firms.
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Morocco – August 17, 2026 – The average borrowing rate charged by Moroccan banks increased by 15 basis points in Q2 2026, reaching 4.81 % according to the quarterly survey released by Bank Al‑Maghrib.
Overall average borrowing cost
The overall lender rate rose from 4.66 % in the first quarter to 4.81 % in the second quarter. Although still slightly below the 4.84 % recorded in Q2 2025, the upward move reflects a shift in credit pricing.
Breakdown by loan type
- Cash‑flow facilities: average rate climbed to 4.63 %, up 16 basis points quarter‑on‑quarter.
- Equipment financing: rate jumped from 4.37 % to 4.65 %, a rise of 28 basis points.
- Mortgage loans: rate fell marginally from 5.13 % to 5.06 %.
- Consumer credit: rate edged down from 6.86 % to 6.81 %.
Borrower‑type perspective
- Individuals: average borrower rate is now 5.59 %, down from 5.74 % in Q1 2026 and 5.77 % a year earlier – a reduction of 15 basis points in three months and 18 basis points year‑on‑year.
- Non‑financial corporations: rate lifted to 4.71 % from 4.54 % in the previous quarter, virtually unchanged from Q2 2025 (4.72 %).
- Private non‑financial firms: rate edged up to 4.81 % from 4.79 % three months earlier.
SMEs versus large enterprises
- SMEs: average cost remains at 5.20 %, unchanged from Q1 2026 but 23 basis points lower than a year ago (5.43 %).
- Large companies: rate stands at 4.56 %, virtually steady with Q1 2026 (4.55 %) and lower than Q2 2025 (4.67 %).
The spread between SMEs and large firms is 64 basis points in Q2 2026, marginally narrower than the 65‑point gap three months earlier.
Takeaway
The rise in the average lender rate is primarily driven by higher pricing on cash‑flow and equipment financing, while the cost of mortgage, consumer, and personal loans has moved lower. This mixed movement suggests a nuanced credit market, with tighter financing for businesses but easing pressure for households.