Financial Fortitude of Moroccan Households in 2025
The financial landscape for households in Morocco has witnessed significant consolidation in 2025, driven primarily by an increase in their financial assets, which reached a remarkable 1.192 trillion dirhams (MMDH). This information was disclosed in the 13th annual report on financial stability, presented in Rabat. The financial assets of households primarily consist of bank deposits, which surged to 935 MMDH, alongside notable growth in securities investments, which climbed to 114 MMDH. This comprehensive analysis, published by Bank Al-Maghrib (BAM), the Moroccan Capital Market Authority (AMMC), and the Authority for Insurance and Social Welfare Control (ACAPS), illustrates the robust state of household finances in the country.
In tandem with this growth, household debt experienced its most substantial rise since 2012, reaching 456 MMDH, equivalent to 27% of the Gross Domestic Product (GDP). This trend reflects an acceleration in both housing and consumption-related loans. However, this expansion in borrowing has led to a slight increase in the debt-to-income ratio among new borrowers, with a growing percentage of households facing debt burdens exceeding 40% of their income. Despite these developments, the default rate has remained relatively elevated, standing at 10.3%.
Corporate Debt Dynamics and Payment Trends
Turning to non-financial corporate debt, bank loans have risen to 657 MMDH, accounting for 39% of GDP, while bond issuances have reached 124 MMDH. The credit portfolio quality has shown signs of strain, with a default rate of 11.2%. An examination of the financial structure based on a sample of 116,406 companies reveals a decrease in the share of medium and long-term financial debt to 43% of permanent capital in 2024, down from 46% the previous year. Furthermore, short-term financial debt was approximately 11% of revenue, indicating a slight decline compared to the previous year.
In terms of inter-company payment terms, there has been a continued improvement, following a positive trend observed since 2021. The average collection period for receivables has decreased to 98 days of revenue in 2024, down from 123 days in 2023, while the average payment period for suppliers has reduced from 80 to 70 days of purchases. Despite these favorable developments, disparities remain concerning the size of the companies and the sectors in which they operate. As reported by maroc.ma.
