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Sunday, May 26, 2024

Bank Deposits Increases by 6.7% at End of February – Central Bank

Bank Deposits stood at 1,120.6 billion dirhams at the end of February 2023, recording an annual increase of 6.7%, according to Bank Al-Maghrib (BAM).

Household deposits reached 829.5 billion dirhams, up 6.4% annually with 200 billion dirhams held by Moroccans living abroad, while private companies’ deposits have, for their part, increased by 12.2% to reach 186.8 billion dirhams at the end of February, said the central bank.

The remuneration rate of 6-month time deposits rose annually by 10 basis points to 2.38%, while that of 12-month deposits recorded a drop of 25 basis points to 2.62%.

For savings accounts, the minimum rate of return was set at 1.51% for the first half of 2023, an increase of 19 basis points over the previous six months.


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