Moroccan Banking Credit Interest Rates Decline to 4.57% in Q3 2026

The average lending rate in Morocco's banking sector decreased to 4.57% in the third quarter of 2026, down from 4.81% in the previous quarter. This decline of 0.24 percentage points reflects a decrease in the average cost of new bank financing, as reported by Bank Al-Maghrib. The central bank's data indicates that financing conditions vary depending on the economic purpose of the loans and the profile of the beneficiaries.

The rates for different types of credit show significant variation. Liquidity facilities, primarily used to cover short-term liquidity needs of companies, have the lowest average rate at 4.39%. Equipment credits, used for productive investments, have an average rate of 4.52%. In contrast, mortgage loans have an average rate of 4.99%, while consumer credits remain the most expensive at 6.68%.

The sectoral analysis reveals differences in lending rates. The average rate for credits granted to individuals stands at 5.56%, compared to 4.47% for non-financial companies. For private non-financial companies, the average lending rate is 4.57%. Large enterprises benefit from the most favorable financing conditions, with an average rate of 4.31%. Conversely, small and medium-sized enterprises face a higher rate of 5.10%, an 79 basis point difference.

According to Bank Al-Maghrib's survey, the decline in lending rates is a positive trend for the Moroccan economy. The central bank's data suggests that the decrease in financing costs could support economic growth. However, the survey also highlights that lending rates remain heterogeneous across different sectors and types of credit.

The variation in lending rates across different categories of credit and sectors reflects the diverse financing needs and risks associated with each type of loan. The data from Bank Al-Maghrib provides valuable insights into the Moroccan banking sector's lending practices and the evolution of financing conditions.

The decrease in lending rates is expected to have a positive impact on the Moroccan economy, particularly for businesses and individuals seeking financing. The central bank's data will be closely monitored by economic analysts and policymakers to assess the effectiveness of monetary policy measures.

Bank Al-Maghrib's survey also highlights the importance of promoting financial inclusion and access to credit for small and medium-sized enterprises. The central bank's efforts to enhance transparency and oversight in the banking sector are crucial in maintaining financial stability and supporting economic growth.

Key points

• The average lending rate in Morocco decreased to 4.57% in Q3 2026, down from 4.81% in the previous quarter.
• Lending rates vary significantly across different types of credit, with liquidity facilities at 4.39% and consumer credits at 6.68%.
• Large enterprises benefit from more favorable financing conditions, with an average lending rate of 4.31%, compared to 5.10% for small and medium-sized enterprises.