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Moroccan Bank Lending Surges Past 1.28 Trillion Dirhams in July 2026
Morocco's banking sector demonstrates robust growth as total outstanding credit reaches 1,286.2 billion dirhams by end-July 2026, marking a 10.3% year-over-year increase. Corporate lending drives the expansion with equipment financing surging 18%, while household credit grows more moderately at 3.3%. Bank Al-Maghrib data reveals lending conditions remain stable despite rising interest rates, with businesses reporting normal access to financing.
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Morocco's banking sector continues its upward trajectory, with outstanding credit volumes reaching 1,286.2 billion dirhams at the end of July 2026, according to the latest data released by Bank Al-Maghrib (BAM). This represents a solid annual growth rate of 10.3%, reflecting the strength of the country's financial system.
The growth is driven by two main components: credit extended to non-financial agents increased by 10.1%, while financing provided to financial agents jumped by 10.9%, demonstrating broad-based expansion across the economy.
Corporate Lending Maintains Strong Momentum
Private non-financial corporations saw their credit facilities expand by 11% year-over-year, signaling continued business confidence and investment activity. The breakdown reveals particularly strong performance in capital expenditure financing, with equipment loans surging by 18% annually.
Real estate development loans also contributed significantly to growth, posting a 10.8% increase, while treasury facilities—short-term working capital financing—rose by 11.3%. This diversified growth across different credit categories suggests a healthy business environment with companies investing in both expansion and operational needs.
BAM's first-quarter 2026 survey on credit conditions indicates that lending criteria remained unchanged across all credit types, regardless of company size. Banks reported keeping their standards consistent for both very small, small, and medium-sized enterprises (VSMEs) as well as large corporations.
From the demand perspective, financial institutions noted increased appetite for credit across all categories and company sizes, reflecting positive business sentiment and growth prospects.
Businesses Report Normal Financing Access
The central bank's business survey for the second quarter of 2026 reveals that companies characterized their access to bank financing as "normal," indicating no significant tightening or easing of credit availability.
Regarding borrowing costs, 83% of businesses reported stagnant credit costs, while 17% experienced increases. Interest rates on new corporate loans rose modestly by 2 basis points quarter-over-quarter to 4.81% in Q2 2026. Large enterprises enjoyed preferential rates of 4.56%, while VSMEs faced higher borrowing costs at 5.2%.
Household Credit Growth Remains Modest
Consumer lending to households expanded more conservatively, posting annual growth of 3.3% through end-July 2026. This segment's performance was characterized by a 2.6% increase in mortgage lending and a 4.5% rise in consumer credit.
The slower pace of household credit growth compared to corporate lending reflects a more cautious approach to consumer debt expansion, possibly influenced by economic conditions and lending prudence.