Morocco household debt climbs to 456 bn dirhams, highest since 2012

A joint report from Bank Al‑Maghrib, the Moroccan Capital Market Authority and the Social Insurance supervisory body shows that Moroccan households’ financial assets have risen to about 1.19 trillion dirhams. However, household indebtedness surged to 456 billion dirhams – 27 % of GDP – marking the sharpest increase since 2012. The rise is driven by faster growth in mortgage and consumer‑credit loans, with a growing share of families whose debt exceeds 40 % of income.

The delinquency rate for household loans stayed relatively high at 10.3 %. Non‑financial corporate debt also expanded, with bank loans reaching 657 billion dirhams (39 % of GDP) and syndicated debt at 124 billion dirhams. The share of non‑performing corporate loans held steady at 11.2 %, while average payment terms for suppliers and customers improved.

Despite these pressures, the overall credit quality remains stable, though disparities persist across company sizes and sectors.