Increase in consumer loans in Morocco
Consumer loans have had a steady period of growth in the past few years in Morocco despite the global financial crisis, a new report from the professional association of finance institutions (APSF) reveals.Consumer loans have had a steady period of growth in the past few years in Morocco despite the global financial crisis, a new report from the professional association of finance institutions (APSF) reveals.
At the end of 2011, the outstanding volume on consumer credits was Dh 43 billion (€ 3.9 billion), progressing by 4.5 percent compared to the end of 2010, according to the reports, whose extracts have been published by MAP news agency.
Leasing and consumer credit companies' contribution to the economy has increased by 7.1 percent compared to March 2011.
This progression can be explained by an increase in outstanding personal loans in the first semester and an increase in the automobile sector loans.
Furthermore, the interest rates have slightly lowered in the past few years, despite a steady economic growth, thanks to a controlled inflation due to a government subvention system on basic products, La Vie Eco reports.
The news source also mentions an excess liquidity in the banking system, which encouraged competition between banks after the debt rates deregulation.
Finally, according to the 'Doing Business' report 2012, the efforts of the Moroccan government - including the introduction of a private credit scoring bureau in 2009 and the facilitation of borrowers' access to their credit scoring information to check its accuracy, have contributed to increase the volume of loans as well.