Morocco poll says 42% of families borrow to cover daily expenses
An official poll in Morocco has shown that 42.1 per cent of families in the Kingdom were forced to borrow money in order to meet their day-to-day expenses during the second quarter of this year. The poll was conducted by the High Commission for Planning (HCP), the official body responsible for conducting opinion polls in Morocco.
The HCP explained that the poll revealed that 55.8 per cent of Moroccan families consider that their income is sufficient to cover their spending, while 42.1 per cent of families stated that they resorted to borrowing to cover their daily expenses.
Almost 83 per cent of the Moroccan families surveyed reported a “decline” in their standard of living during the past 12 months, while 13 per cent said that their standard of living was “stable”. Only 4.4 per cent said that their standard of living has “improved” during the same period.
A massive 96.4 per cent of the families believed that food prices had risen during the past 12 months.
The Commission did not clarify the number of families included in the survey, the period in which it was conducted, or the methodology for conducting it.
In June, the Central Bank of Morocco decided to reduce the main interest rate on the dirham, by 25 points, to 2.75 per cent, anticipating a decline in inflation during the current year. Following a meeting of its board of directors, the bank said that the decision followed measures to “tighten monetary policy, regular tracking of its decisions, and measures taken by the government to support the purchasing power of families and some economic activities.”
In 2023, the inflation rate in Morocco rose to 6.1 per cent, as the Kingdom continued to be affected by the rise in prices of basic materials, especially energy, and as the drought continued for the sixth year in a row.
