Morocco Bank Credit Growth Accelerates to 10.1% in July
Morocco's central bank, Bank Al-Maghrib, reports that bank credit growth to the non-financial sector accelerated to 10.1% in July 2026, driven by strong private company financing.
Bank credit growth to Morocco's non-financial sector accelerated to 10.1% in July 2026, up from 9.8% in June, according to the latest monetary statistics bulletin published by Bank Al-Maghrib, Morocco's central bank. The acceleration, per the central bank's data, was driven by notable dynamism in financing to private non-financial companies, which remained the main engine of bank credit growth for the month.
A clear gap between private and public companies
The data reveal a sharp contrast between borrower categories, with credit to private non-financial companies accelerating strongly, while financing to public companies slowed sharply:
| Borrower category | July growth | June growth |
|---|---|---|
| Private non-financial companies | 11% | 8.1% |
| Public non-financial companies | 3.1% | 15.9% |
| Household credit | 3.3% | 3.3% (stable) |
Financing by economic purpose
By loan purpose, working capital facilities accelerated markedly, while equipment credit growth slowed compared to the previous month:
| Loan purpose | July growth | June growth |
|---|---|---|
| Working capital facilities | 8.7% | 6.9% |
| Equipment credit | 25.7% | 27.1% |
| Real estate loans | 3.9% | 3.9% (stable) |
| Consumer credit | 4.5% | 4.5% (stable) |
Why this figure matters
Bank credit growth is a direct indicator of real economic vitality, reflecting how willing companies are to invest and expand through bank financing. Meanwhile, non-performing loans grew 3.1% in July, up from 1.9% in June, while their share of total bank credit held steady at 8.1%. This stability comes as Morocco recently launched a market for trading non-performing bank debt worth $11.3 billion, an initiative aimed at easing pressure on Moroccan banks' balance sheets and freeing up additional room to finance the economy.