Moroccan Expat Bank Deposits Surge to 190 Billion Dirhams as Total Savings Rise

These deposits recorded a 4.3% increase for households, reaching 798.5 billion dirhams, of which 190.7 billion dirhams are held by Moroccans living abroad, BAM specifies in its latest dashboard of bank credits and deposits. We learn that private corporate deposits increased by 10.6% to 173.3 billion dirhams at the end of June.

Moreover, the year ended with an outstanding amount of around 1,027.8 billion dirhams, thus marking an annual increase of 4%. The annual increase of 6% in loans to private non-financial companies (NFCs) mainly reflects the 11% increase in working capital facilities and to a lesser extent the 1.4% increase in equipment loans, the document notes.

As a result, loans taken out by households at the end of June showed a year-on-year increase of 3.6%. An improvement that, according to the central bank, mainly reflects a 2.5% increase in housing loans. Participatory financing for housing, in the form of real estate Murabaha in particular, continued to grow and stood at 17.4 billion dirhams, after 14 billion dirhams a year earlier, BAM indicates.

During the same period, the remuneration rates for 12-month term deposits fell by 11 basis points to 2.34% and those at 6 months fell by 8 basis points to 2.02%. For savings accounts, their minimum remuneration rate was set at 1.24% for the second half of 2022, an increase of 19 basis points compared to the previous half-year.