Bank deposits showed a notable increase of 8.2% to reach a total of 1,224.4 billion dirhams (billion dirhams) at the end of September 2024, according to data published by Bank Al-Maghrib (BAM). This result reflects sustained growth in deposits, driven in particular by the increase in investments by households and non-financial businesses.
Household deposits amounted to MAD 900.3 billion, up 6.1% compared to the previous year, with a significant share of MAD 208.3 billion held by Moroccans living abroad (MRE). Furthermore, non-financial companies increased their deposits by 15.6%, reaching MAD 220.4 billion.
On the remuneration side, the 6-month deposit rate recorded a slight increase of 19 basis points (bps), going from 2.73% to 2.92%. On the other hand, the 12-month deposit rate remained stable at 2.52%.
For the second half of 2024, the minimum rate of remuneration for savings accounts was adjusted to 2.48%, marking a decrease of 26 basis points compared to the previous semester, specifies Bank Al-Maghrib in its dashboard on “Credits – Bank Deposits”.
M.Ba.
Morocco
