Bank deposits in Morocco close 2023 with an increase of 3.9%
Bank deposits in Morocco rose to $110.9bn at the end of November 2023, representing a year-on-year increase of 3.9%, according to a new report by Morocco's central bank, Bank Al-Maghrib (BAM).
Decisive factors
The report clarifies how household deposits have played a significant role in this increase, reaching $85.7 billion, reflecting a solid annual growth rate estimated at 4.8 per cent.
Another decisive factor that has played a crucial role is that of Moroccans living abroad, who have contributed a significant share of these deposits in the country's various banking institutions, reaching $20.4 billion.
Deposits from private sector entities also increased at an annual rate of 5.8 per cent, which translates into a figure of $19.4 billion at the end of November.
Deposit rates fluctuated during the first 11 months of 2023. Thus, the 12-month term deposit rate fell by 23 basis points to 2.65%, while the 6-month deposit rate decreased by 7 basis points to 2.37%.
As a consequence, a significant change has been made to the savings account policy, setting the minimum interest rate for savings accounts at 2.98% from the second half of 2023, the BAM report explained.
This adjustment resulted in a substantial increase of 147 basis points compared to the previous half-year, which is generally considered a sign that banks are seeking to encourage savings among customers.
