Deposits in banks record an 4.3% increase at end of October, BAM

Deposits in banks recorded an annual increase of 4.3% to reach MAD 1,08 billion at the end of October, according to recent Bank Al-Maghrib’s data.

Households’ deposits amounted to MAD 809.5 billion, an annual increase of 5%, including MAD 193.2 billion held by Moroccans living abroad, said BAM, adding that private companies’ deposits also rose by 10.8% to MAD 177.9 billion.

The remuneration rate of 12-month term deposits increased by 2 basis points to 2.41%, while that of 6-month deposits dropped by 3 basis points to 2.08%, added BAM.

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 half-year, according to the same source.