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Bank Al-Maghrib Says 93% of Manufacturers Rate Credit Access as Normal in Q4 2025
Bank Al‑Maghrib’s latest quarterly business climate survey shows that 93 % of Moroccan manufacturers consider bank financing to be “normal” in the fourth quarter of 2025. The perception is uniform across most sectors except textile and leather, where a modest 14 % find credit access difficult. Companies also report that credit costs have largely stagnated, while investment spending is expected to rise in the coming months. Overall, 66 % of planned investment is financed through internal funds and 34 % through bank loans, indicating a balanced reliance on equity and credit. The central bank’s findings provide a snapshot of the industrial credit environment as Morocco heads toward the new fiscal year.
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Survey Overview
Bank Al‑Maghrib (BAM) released its fourth‑quarter 2025 business climate survey, revealing that 93 % of industrial firms rate access to bank credit as "normal". This sentiment holds across virtually all sectors, with the notable exception of the textile and leather industry, where 14 % of firms describe credit access as "difficult".
Credit Cost Trends
Companies report that the cost of borrowing has largely stagnated during Q4‑2025. Break‑downs by sector show:
- Mechanics & Metallurgy: 88 % see stability, 12 % report a decline.
- Food Processing (Agro‑alimentary): 72 % stable, 20 % decreasing.
- Chemical & Parachemical: 92 % unchanged, 8 % rising.
- Textile & Leather: 63 % stable, 37 % increasing.
Investment Spending Outlook
Overall, industrial investment spending is viewed as stagnant. Sector‑specific trends differ:
- Food Processing & Chemical: Investment spending is up.
- Textile & Leather: Investment spending remains flat.
- Mechanics & Metallurgy: Investment spending is down.
Looking ahead to the next three months, firms anticipate a rise in investment across all sectors.
Financing Mix
Planned investment is expected to be financed by 66 % internal funds (equity) and 34 % bank credit, indicating a balanced reliance on own capital and external borrowing.
Implications for the Moroccan Economy
The survey suggests a relatively healthy credit environment for most manufacturers, which should support steady industrial output and incremental growth as Morocco moves toward its 2026 fiscal targets.