Report: Consumer credit up 5.3% in 2021

The 9th annual report on financial stability shows a 5.3% increase in consumer credit, which stood at 136 billion dirhams (MMDH) in 2021.

“After a contraction of 0.7% in 2020 due in particular to the decline in demand and the deterioration of household financial conditions, following the repercussions of the health crisis, the outstanding amount of consumer loans increased by 5 .3% in 2021, totaling 136 billion dirhams, of which 54% is granted by banks”, adds the report published by Bank Al-Maghrib (BAM), the Insurance and Social Welfare Control Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC).

In addition, the BAM annual survey on household loans shows that personal loans represent the preponderant share with 70% of loans granted, followed by car loans (14%), household equipment loans (11 %) and cards (4%).

The repayment period for consumer loans has become increasingly longer in recent years, said the same source, adding that loans granted for a period exceeding 5 years represent 78% in 2021, against 74% in 2020 and 71% in 2019.

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.

.

Previous Post Next Post