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Morocco’s non-performing bank loans reached a new high at the end of May 2026, totaling MAD 105.97 billion, up 4.9% year-on-year, according to Bank Al-Maghrib. While the banking sector’s overall default rate improved slightly, payment defaults remained elevated across several industries, particularly trade, manufacturing, and construction.

Morocco’s debt market continued to expand during the first four months of 2026, with outstanding debt reaching MAD 1.144 trillion by the end of April. Treasury securities remained the market’s dominant instrument, while bond issuances focused on long-term financing and negotiable debt instruments met the shorter-term funding needs of banks and businesses.

Morocco’s Exchange Office has published its 2025 Annual Management Report and financial statements, outlining a year marked by regulatory reforms, the launch of its 2025-2029 strategy, the release of the 2026 General Instruction on Foreign Exchange Operations, and continued progress in digital transformation and institutional governance.

Nearly 10,000 complaints were filed with Morocco’s Ombudsman Institution in 2025, marking a record high and a 25% increase from the previous year. Presenting the institution’s annual report, Ombudsman of the Kingdom of Morocco, Hassan Tariq identified the ministries of the Interior, Justice, and Economy and Finance as the public administrations receiving the highest number of complaints, while calling for stronger local mediation services.

Issuing a first Eurobond can alleviate financial constraints for African governments, but it does not automatically guarantee stronger economic growth. According to a new study by the International Monetary Fund (IMF), public debt in frontier economies rises by 11 to 12 percentage points of GDP within five years of their entry into international capital markets. For Africa, where 23 sub-Saharan countries faced a high risk of debt distress in 2025, the real challenge is no longer raising capital but ensuring that borrowing costs do not negate the expected economic gains.

Financial inclusion continued to advance in Morocco in 2025. According to data released by Bank Al-Maghrib, 936,158 new customers joined the banking system during the year, bringing the total number of bank accounts to 39.8 million. As a result, the country’s banking penetration rate rose by four percentage points to 62%.