Overall household debt at 386 billion dirhams in 2021

Overall household debt reached 386 billion dirhams in 2021, including 13.3 billion dirhams from crowdfunding, according to the 9th annual report on financial stability, published by Bank Al-Maghrib (BAM), the Supervisory Authority Insurance and Social Welfare (ACAPS) and the Moroccan Capital Market Authority (AMMC).

Composed of 65% of housing loans and 35% of consumer loans granted by banks and finance companies, this debt is up by 4.8% against 2.7% in 2020, approaching as well as its average level of progress of 4.9% observed over the period 2013-2019, specifies the report. It continues to represent more than a third of the loan portfolio of these establishments.

Overall household debt relative to gross domestic product (GDP) fell from 32% to 30% at the end of 2021, in line with the recovery in GDP after its sharp contraction observed in 2020.

Regarding the indebtedness of residents, which represents a dominant share in the overall debt of households, it reached 366 billion dirhams, an annual increase of 4.7%. Relative to GDP, it fell from 30% to 28%. That of Moroccans residing abroad (MRE) accumulated nearly 20 billion dirhams, with an increase of 6.7%, after the decline of 5.1% in 2020. This debt represents 28.9% of their transfers against 27 .5% a year earlier.

Through this report, the authorities of the financial sector aim to provide the public with a cross-sectional view of the situation of the Moroccan financial system and the risks likely to affect it, as well as an analysis of the main economic and financial trends.

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