Morocco’s drive to emulate Dubai by turning itself into a playground for rich Europeans is hurting lending at home as cash-strapped banks are hit by investments in holiday resorts that soured in the global financial crisis.
Loans to homebuyers and companies grew at the slowest pace in a decade last year through November, according to central bank data. In September, the North African kingdom’s central bank allowed banks to reduce reserves to increase money in circulation.
Morocco Stalled Tourist Drive Traps Lenders: Mortgages - Bloomberg
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