Morocco’s Mortgage Rates Climb to 5.69% Amid Banking Liquidity Shifts

According to Bank Al-Maghrib, the banks’ liquidity needs fell to 64.1 billion dirhams on average per week in December last year, compared to 75.4 billion dirhams the previous month.

To make up for this deficit, BAM injected 59.7 billion dirhams in the form of 7-day advances, according to the daily l’Economiste. The same source specifies that the total outstanding amount of the central bank’s interventions reached 66.1 billion dirhams, taking into account 2.3 billion dirhams granted under the TPME financing support program and 4.1 billion dirhams for the foreign exchange swap operation. As for the interbank rate, it stood at an average of 2.27%.

As for the rates applied to loans granted to individuals, they increased by 35 basis points to 5.69%, covering an increase of 33 points for housing loans and a near-stability of consumer loans.

The central bank also notes that the growth rate of loans to private companies has increased, rising from 5.8% at the end of October to 6.6% at the end of November, the highest rate since December 2011. This improvement reflects, however, an acceleration in the progression of 9.9% to 10.8% for working capital facilities, from 5.4% to 6.2% for equipment loans and from 2% to 2.7% for real estate development loans, notes the central bank of Morocco.