Moroccan Bank Deposits Surge Despite COVID-19 Economic Challenges

At the level of banks, economic activity is doing wonderfully, despite the health crisis. The outstanding demand deposits have improved by 4% this year, reaching 919 billion DH. Since the beginning of the Coronavirus pandemic, it has recorded an increase of 2.8%, with an irregular evolution through the months. As for the outstanding term deposits, accounting for more than two-thirds of the total outstanding, it recorded an increase of 8.3% to 616 billion DH, reports La Vie éco.

According to analysts, this trend is justified in particular by the slowdown in consumption and investment spending. This is also explained by the evolution of bank credit, whose outstanding amount has increased by 3% to 945 billion DH and that of consumption has fallen by 3% to 55 billion DH. This situation is the result of the economic slowdown and the caution of banks in the face of the increase in distressed receivables, caused by the health crisis, in the kingdom.

The outstanding term deposits and certificates of deposit fell by 8.6% since the beginning of 2020 to 135 billion DH. This drop is linked to the fact that few people are attracted to this savings product since last year. Moreover, the blocked accounts at 6 months are remunerated at 2.5% and those of 12 months at 2.66%, according to a BAM survey. As for the outstanding passbook accounts, it stood at 168 billion DH, against a 3% increase in 2019. As for the evolutionary trend of deposit outstanding, it should not have major changes until the end of the year.