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Rabat – Household deposits stood at MAD 848.3 billion ($84.2 billion), a 4.9% year-on-year increase, a report from Bank Al-Maghrib (BAM) shows.
BAM data indicates that the total banking deposits from Moroccan households include MAD 201.4 billion ($20 billion) held by Moroccans residing abroad.
Meanwhile, deposits held by private companies rose by 7.4%, settling at MAD 190.7 billion ($18.9 billion) at the end of September 2023.
Total deposits at Moroccan banks amounted to MAD 1.1 trillion ($107.6 billion), a 4.2% year-on-year increase.
During the first nine months of 2023, the interest rate – the percentage at which banks compensate depositors – for 6-month fixed-term deposits increased by 15 basis points to 2.52% month-on-month, while the interest rate for 12-month deposits decreased by 4 basis points to settle at 2.49%.
The minimum interest rate for savings accounts has been set at 2.98% for the second half of 2023, reflecting an increase of 147 basis points compared to the previous semester.
Regarding the growth in banking loans in the second quarter of 2023, BAM reports that banks have tightened lending criteria for both consumer loans and housing loans.
The tightening of lending criteria coupled with rising interest rates has decreased demand, with growth in loans flattening between August and September 2023, and rising by a timid annual rate of 2.3% at the end of September 2023.
Interest rates on new loans reached 5.95% at the end of the third quarter of 2023, up by 4.74% compared to the previous quarter.
