Bank loans resist the rise in the key rate

Kiosk360. Bank loans are on the rise for the month of October, while claims continue to widen. This article is a press review taken from the daily Les Inspirations Eco.

The latest monetary statistics from Bank Al-Maghrib confirm this: bank credit to the non-financial sector increased by 0.6% for the month of October 2022. As for bank credits, they increased by 6.7% in year-on-year.

Home loans rose by 0.3% in October and by 2.7% over the year, indicates the daily Eco Inspirations in its edition of Friday, December 2. Loans to property developers increased by 0.6%. Ditto for cash facilities. “Equipment credit achieved an evolution of around 0.6%. Consumer credit growth was 0.4%. We note that bank loans continue to evolve positively despite the increase in the key rate.

And for good reason, the banks would not have automatically passed on the increase in the key rate, due to the slowdown in activity and difficult economic conditions. On the other hand, the repercussions should be felt as early as December, or at the beginning of the year.

Still, outstanding debts rose by 4.9% for a total of just over 4.2 billion dirhams. Outstanding accounts receivable and cash loans stood at 268.2 billion dirhams, up nearly 17.7%. “A deal which is explained by the difficult and uncertain economic situation which marks this inflationary period which has prevailed since March”, notes Eco Inspirations.

Bank credit to the non-financial sector, for its part, increased by 6.3% with a virtual stagnation of credit to households at 3.5%. Indeed, the breakdown by economic purpose of loans to the non-financial sector shows that an acceleration in the increase in cash facilities from 17.5% to 18.8% was noted in October, following increases in loans granted as well both private and public companies.

Similarly, there was growth in real estate loans of 2.7%, with an attenuation of the decline in those for real estate development from 1.8% to 0.9% and a virtual stagnation in housing loans around by 2.9%.

Following the same trend, the progression of consumer loans was 3.8% with an attenuation of the decline in equipment loans (from -0.6% to nearly -0.3%), following to the acceleration of the progression of those granted to private companies. However, loans allocated to public companies continued to decelerate.

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