GlossaryCredit
Usury rate
Short definition
Maximum legal rate bank can apply on credit, fixed by Bank Al-Maghrib to protect borrowers.
Detailed definition
Usury rate is maximum effective rate bank can legally apply on Moroccan credit. Fixed quarterly by Bank Al-Maghrib based on market average rate plus 30%. Any higher rate considered usurious and can lead to contract nullity + criminal sanctions for bank. For Q1 2026, usury rate ≈ 12.5% on consumer credit, 9.2% on mortgages.
Concrete example
Bank offers consumer credit at 14% APR: rate exceeds usury cap (12.5%). Contract legally contestable. File complaint with Bank Al-Maghrib.
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