The “credits-bank deposits” dashboard of Bank Al-Maghrib (BAM) reveals a notable increase in bank deposits of 4.9%, reaching a total of 1,172.7 billion dirhams (MMDH) at the end of May 2024. In detail, household deposits reached 878 MMDH, with an annual increase of 4.8%. Of these, 206.2 MMDH are held by Moroccans residing abroad. Deposits from private companies also recorded a significant increase of 7%, reaching 196.6 MMDH.
The interest rates on term deposits have increased, with an increase of 11 basis points for 6-month deposits and 7 basis points for 12-month deposits, standing at 2.51% and 3.03% respectively at the end of May 2024. Furthermore, the minimum interest rate on savings accounts for the second half of 2024 has been set at 2.48%, a decrease of 26 basis points compared to the previous half.
Regarding bank credit, the total outstanding amount reached 1,096.9 billion dirhams at the end of May 2024, representing an annual increase of 4.6%. Loans granted to households recorded a slight increase of 0.9%, mainly due to the 1.5% increase in housing loans and 0.9% in consumer credit. Crowdfunding for housing, particularly in the form of “Real Estate Murabaha”, continued its growth, reaching 22.8 billion dirhams, an increase of 13.7%.
