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Banks: Deposits Rises by 5.1% at End of November

Deposits at banks recorded, at the end of November 2022, an annual increase of 5.1% to reach 1,099 billion dirhams, according to the recent “bank credits and deposits” scoreboard of Morocco’s Central Bank.

Household deposits stood at 811.8 billion dirhams, an annual increase of 5.5% with 195.6 billion dirhams held by Moroccans living abroad, Bank Al-Maghrib (BAM) said, adding that deposits of private companies have, for their part, increased by 9.8% to 182.2 billion dirhams at the end of November.

The remuneration rate for term deposits to 6 months increased monthly by 33 basis points to 2.41% and that to 12 months rised by 22 basis points to 2.63%.

For savings accounts, the minimum return rate 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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