RABAT, July 9 – Morocco’s financial system remained resilient in 2025 despite continued global uncertainty, according to the Systemic Risk Coordination and Monitoring Committee (CCSRS).
In a statement released after its 23rd meeting, Bank Al-Maghrib (BAM) said the country’s financial sector continues to be supported by strong economic fundamentals and solid financial safeguards.
The committee said Morocco’s economy benefited from favourable weather conditions and strong non-agricultural activity, with economic growth accelerating to 4.9% in 2025, up from 4.4% in 2024. BAM expects growth to reach 5.2% in 2026 before easing to 3.1% in 2027, assuming an average cereal harvest.
Inflation remained low at 0.8% in 2025 and is projected to increase gradually to 1.5% in 2026 and 2.1% in 2027. The committee also noted continued fiscal improvement, with the budget deficit narrowing to 3.5% of GDP in 2025 and expected to stabilise at 3.4% over the following two years. Treasury debt is projected to decline to 65.1% of GDP by 2027.
The banking sector also recorded steady growth, with credit to the non-financial sector rising 6.5% during the year.
Meanwhile, Morocco’s insurance industry continued its strong performance. Total premiums increased 7.5% to MAD63.2 billion ($6.9 billion), while net profit climbed 21.4% to MAD5.3 billion ($580 million). The sector’s return on equity reached 11.1%, its highest level in 10 years.
The committee also reported that unrealised investment gains rose to a record MAD62.5 billion ($6.8 billion), supported by continued gains in the Casablanca Stock Exchange’s benchmark index.
Despite the positive outlook, the committee said Morocco’s public pension schemes still face structural challenges and stressed that comprehensive pension reform remains necessary to ensure the long-term sustainability of the retirement system.
