Moroccan Diaspora’s Bank Deposits Exceed $18 Billion in First Half of 2022

While Morocco’s household bank deposits stood at MAD 798 billion ($77.5 billion) by the end of the first half of 2022, up 4.3% annually, nearly MAD 191 billion ($18.5 billion) were held by Moroccans living abroad (MREs), according to recent data from the Moroccan central bank, Bank Al-Maghrib (BAM).

Casablanca – While Morocco’s household bank deposits stood at MAD 798 billion ($77.5 billion) by the end of the first half of 2022, up 4.3% annually, nearly MAD 191 billion ($18.5 billion) were held by Moroccans living abroad (MREs), according to recent data from the Moroccan central bank, Bank Al-Maghrib (BAM).

The total annual bank deposits in Morocco have increased by 3.9% to reach MAD 1,085 billion ($105 billion) in the first half of 2022 only, BAM noted, adding that private company deposits climbed by 10.6% to MAD 176.3 billion at the end of June.

According to BAM, the 12-month time deposit rate declined 11 basis points to 2.34% at the end of June this year, while the 6-month rate fell 8 basis points to 2.02%.

For savings accounts, the minimum rate of return was set at 1.24% for the second half of 2022, an increase of 19 basis points compared to the previous six months, BAM’s report added.

As overseas Moroccans’ bank deposits climbed this year, so did their money transfer.

By the end of June 2022, remittances from Moroccans residing abroad had surpassed MAD 47 billion ($4.5 billion), up from MAD 36.47 billion ($3.5 billion) the previous year, marking an increase of 6.1%, according to BAM’s latest statistics.

Similarly, Foreign Direct Investment (FDI) into Morocco totaled over MAD 6.14 billion ($597 million) at the end of April this year, a 5% increase over the same period last year, according to the Foreign Exchange Office.

However, this year’s direct Moroccan investment overseas was MAD 8.17 billion ($828.5 million), a 20% decrease from the same period last year.