Morocco's latest financial indicators point to a resilient start to the second half of 2026: bank lending is expanding at a double-digit rate, official foreign-exchange reserves have moved above MAD 500 billion, and tourism continues to bring in significant foreign currency. Here are the three developments worth following.
Important: This is a news roundup for general information, not investment, borrowing, or currency-trading advice. Figures can be revised by their issuing institutions.
1. Bank credit rises 10.3% year-on-year
Bank Al-Maghrib data reported by La Nouvelle Tribune show total bank credit of MAD 1,286.2 billion at the end of July 2026, up 10.3% from a year earlier. Lending to the non-financial sector grew 10.1%, while credit to private non-financial companies rose 11%.
The detail matters for businesses. Equipment loans to private companies were up 18% year-on-year and treasury facilities increased 11.3%. That suggests firms are still financing both investment and day-to-day operations. New-loan rates averaged 4.81% in the second quarter; the reported average was 5.2% for very small, small and medium businesses, compared with 4.56% for large companies.
For households, outstanding credit reached MAD 403.4 billion, up 3.3%. Housing loans rose 2.6% and consumer credit 4.5%. These are aggregate figures, so a borrower should still compare the annual percentage rate, insurance, fees, collateral requirements, and repayment flexibility offered by individual banks.
2. The dirham weakens, while reserves stay strong
Between 27 August and 7 September, the dirham depreciated 1.33% against the euro and 1.55% against the US dollar, according to a Bourse News market update. Over the same period, official reserve assets reached MAD 500.1 billion on 28 August – up 21.8% year-on-year.
Those two facts can coexist. A short-term move in the exchange rate does not automatically signal pressure on the external accounts. Reserves provide a buffer for external payments and are one of the indicators watched when assessing macroeconomic resilience.
For people or businesses with euro- or dollar-denominated costs, the immediate practical step is to budget for exchange-rate movement rather than rely on one week's direction. Importers, travellers and firms with foreign-currency invoices should confirm the applicable bank rate and conversion charges before committing to a payment.
3. Tourism receipts reach MAD 79.01 billion through July
Tourism receipts totalled MAD 79.01 billion in the first seven months of 2026, a 13.4% increase from the same period in 2025, according to Office des Changes figures cited by Hespress. The travel-services surplus reached MAD 59.08 billion, up 15.7%.
Tourism is financially important well beyond hotels and restaurants: it supplies foreign currency, supports local employment and demand, and contributes to the external balance. The same report notes that net foreign direct investment flows rose 58.5% to MAD 29.47 billion through July, while remittances from Moroccans living abroad rose 8.1% to MAD 74.78 billion.
What to watch next
- Credit quality: Credit growth is positive only if repayment capacity remains sound. Watch non-performing loans, which stood at 8.1% of total bank credit in July.
- External accounts: Tourism receipts, remittances, foreign investment and reserves together provide a clearer picture than the dirham's movement alone.
- Cost of funding: The average rate on new credit is a useful benchmark, but the final cost varies by borrower profile, guarantee and loan purpose.
Sources
- La Nouvelle Tribune – Bank credit update, 1 September 2026
- Bourse News – exchange market and reserves update, 7 September 2026
- Hespress – tourism receipts through July 2026
Finance Morocco Help
Editorial Team
The Finance Morocco Help editorial team produces free, practical financial guides for Morocco.
