According to the 19th edition of the annual report on financial stability, issued by Bank Al-Maghrib, the Supervision of Insurance and Social Reserves and the Moroccan Capital Markets Authority, the financial wealth of families improved by 5% to 919.5 billion dirhams during 2021.
The report added that this amount is made up of 82 percent by bank deposits, compared to 11 percent by life insurance investments and 7 percent in the form of movable securities assets, adding that this structure has hardly changed from year to year.
The same source indicated that household bank deposits increased by 4.1 percent in 2021, compared with 5.5 percent in 2020, to reach AED754 billion.
By category, demand deposits increased their share of total deposits to 65 percent, after 63 percent the previous year, while time deposits decreased their share by 1.4 points to 12 percent. , while savings accounts kept their percentage constant. at about 23 percent.
The report recorded that total demand deposits amounted to AED 487 billion, with a surplus of AED 31 billion, reflecting an increase of 6.8 per cent after 10 per cent a year earlier, noting that the contraction in time deposits was confirmed at the end of 2021 and closed at 7.1.1% after 6.4% in 2020.
The lack of interest in this product is due to the downward trend in clearing rates since 2015. Year-over-year, clearing rates on 6-month deposits decreased from 2.51 to 2.19 percent and from 2.80 to 2.53 percent for 12-month term deposits. .
For its part, savings accounts increased by 3.1 percent to 172,000 million dirhams, compared to 1.9 percent a year ago. This growth is still lower than the average growth rate (5.2 percent) recorded during the 2015-2019 period.