Morocco's lending rates have been on a steady rise, with the overall lending rate reaching 4.81% in the second quarter of 2026, according to the Bank Al-Maghrib (BAM) quarterly survey. This marks a 15 basis point increase from the previous quarter, indicating a potential shift in the country's financial landscape. The survey reveals a nuanced picture of the lending market, with varying trends across different loan types and sectors.
One of the key findings is the rise in cash facilities rates to 4.63%, equipment loans to 4.65%, and real estate loans to 5.06%. These increases suggest a tightening of credit conditions, which could have implications for businesses and individuals seeking financing. Interestingly, consumer credit rates have decreased to 6.81%, offering some relief to borrowers in this segment.
The data also highlights the disparity in lending rates for different types of borrowers. For individuals, the average lending rate has decreased to 5.59%, indicating a more favorable environment for personal borrowing. In contrast, non-financial companies, particularly private ones, face higher rates, with an average of 4.71%. This disparity may reflect the varying creditworthiness and risk profiles of different sectors and borrowers.
One notable trend is the stability in rates for very small and medium-sized enterprises, which remained unchanged at 5.20%. This suggests that these businesses may have access to more consistent financing options, which could be crucial for their growth and development. The survey also indicates that bank credit is expanding, with outstanding credit reaching 1,301.8 billion dirhams at the end of June, marking a 10.9% annual increase.
The central bank's data reveals that consumer credit remains the most expensive among the listed loan types, but its rate declined during the quarter. This could be a result of improved credit conditions or a shift in consumer behavior. Equipment lending, on the other hand, recorded the largest quarterly increase, indicating a growing demand for capital investment in the equipment sector.
In my opinion, these figures highlight the evolving nature of Morocco's lending market, with a mix of tightening and easing trends. The rise in lending rates may reflect a broader economic shift, and it will be interesting to see how these changes impact businesses and individuals in the coming quarters. The disparity in rates for different borrowers also underscores the importance of understanding the specific credit needs and risks associated with each sector.
As an expert commentator, I would encourage further analysis of these trends to gain a deeper understanding of the factors driving lending rate changes. The implications for various sectors and borrowers are significant, and a comprehensive assessment could provide valuable insights for policymakers, businesses, and investors alike.
