Abdellatif Jouahri, wali governor of Bank Al-Maghrib. Credit: MAP
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 May bank credits-deposits dashboard.
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 interest rate was set at 2.98% for the second half of 2023, an increase of 147 basis points compared to the previous half.
Outstanding bank credit reached 1,049 billion dirhams (MMDH) for the first five months of 2023, an annual increase of 6.5%, according to Bank Al-Maghrib (BAM).
This outstanding amount is divided between non-financial agents with 906.4 billion dirhams (+5.1%) and financial agents 142.5 billion dirhams (+16.9%), specifies BAM.
The 4.3% annual increase in loans to private non-financial enterprises (NFEs) essentially reflects increases of 2.9% in equipment loans and 1% in liquidity facilities, explains the same source, noting that home loans fell by 4.8%.
This scoreboard also recalls that the BAM business survey indicates that access to financing, in the first quarter, was judged « normal » by almost all manufacturers in all branches with the exception of textiles and leather where 21% of companies qualify it as « difficile ». Moreover, the cost of credit was stagnating according to 65% of companies and rising according to 34% of them.
According to the survey on the conditions for granting credit for the first quarter, the criteria would have been tightened both for large companies (GE) and for very small, small and medium-sized enterprises (TPME) and for all objects of credits. As for demand, it would have experienced a drop both for GE and for SME and would have concerned all credit objects.
Regarding the rates applied to new loans, they rose to 5.03% in the first quarter. By company size, they stood at 4.79% for LEs and 5.48% for VSMEs.
In addition, BAM indicates that assistance to households recorded an annual increase of 3.2%, mainly covering increases of 2.5% in housing loans and 2.1% in consumer loans.
Crowdfunding for housing, in particular in the form of real estate Murabaha, continued to grow and stood at 20 billion dirhams, after 17.1 billion dirhams a year earlier.
In the first quarter, the banks declared unchanged granting criteria for consumer loans and tightened for housing loans. As for demand, it appears to have stagnated both for housing loans and for consumer loans.
As regards the rates applied to new loans to households, they came out, in the first quarter, at 4.36% for housing loans and 6.95% for consumer loans.
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2023-07-14 15:13:31
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