deposits increased by 5.3% at the end of May

deposits increased by 5.3% at the end of May

Deposits with banks stood at 1,118.3 billion dirhams (MMDH) at the end of May 2023, recording an annual increase of 5.3%, according to Bank Al-Maghrib (BAM).

Household deposits stood at 837.8 billion dirhams, up by 5.9% with 202.5 billion dirhams held by Moroccans residing abroad (MRE), while deposits from private companies increased by 7, 6% to 183.9 billion dirhams, says BAM, which has just published its “bank loans-deposits” dashboard for May.

The 12-month term deposit rate increased month-on-month by 22 basis points to 3.14%, the same source said, adding that the 6-month deposit rate registered a up 6 basis points to 2.5%.

For savings accounts, their minimum rate of return was set at 2.98% for the second half of 2023, an increase of 147 basis points compared to the previous half.


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