The effect of the first increase in the key rate of 50 bps, decided by the central bank last September, has produced its effects on the rates of bank loans applied to customers in the last quarter of the year 2022. The overall average rate increased by 26 bps compared to the previous quarter, from 4.24 to 4.50%, according to the latest data published by Bank Al-Maghrib.
By economic objects of credit, the most significant increase is the cash facilities whose rates are established at 4.35%, 38 bps more than in the previous quarter.
The rates for equipment loans have increased by 26 bps over the period, from 4.14 to 4.16%, while those for consumer loans have seen a slight increase of 1 bp to 6.40%.
For real estate loans, rates increased by only 15 bps on average during the fourth quarter, from 4.69% in the third quarter to 4.84%.
By institutional sector, the rate applied to loans to individuals was 5.72% and to loans to non-financial companies 4.30%.
For loans to private non-financial companies, the rate was 4.40%, with a rate of 4.19% for large companies (GE) and 5.04% for very small, small and medium-sized enterprises (TPME).
The diffusion of the increase in the policy rate to bank lending rates is expected to continue in the first quarter of 2023, especially since the central bank made a further increase in its policy rate of 50 bps, last December. The extent of this diffusion will be known during the next Bank Al-Maghrib survey on lending rates for the first quarter of 2023.
