2023-09-15 11:04:18
Up 4.5% at the end of July 2023
Growth
Bank Al-Maghrib’s dashboard of bank loans and deposits reveals that crowdfunding intended for housing, in particular in the form of real estate Murabaha, continued to grow and stood at MAD 20.5 billion at the end of July 2023. following 17.6 billion dirhams a year earlier. Furthermore, deposits with banks marked an annual increase of 4.5% to reach MAD 1,125.6 billion.
Crowdfunding for “Mourabaha” housing is progressing at the end of July 2023, recording an increase of 16%, compared to the same period of the previous year. According to the Bank Al-Maghrib “bank credits-deposits” dashboard, it stood at 20.5 billion dirhams, following 17.6 billion dirhams a year earlier. In the same direction, Bank Al-Maghrib indicators reveal that outstanding bank credit reached MAD 1,063.5 billion at the end of July, an annual increase of 5.2%. Thus, this outstanding amount is distributed among non-financial agents with 911.6 billion dirhams (+3.4%) and financial agents 151.9 billion dirhams (+17.4%), specifies the same source.
At the end of July 2023, assistance to households recorded an annual increase of 2.4%, mainly covering increases of 2.4% in home loans and 1% in consumer loans. As for deposits with banks, they stood at 1,125.6 billion dirhams (billion dirhams) at the end of July 2023, recording an annual increase of 4.5%. Likewise, household deposits stood at 844.8 billion dirhams, an annual growth of 5.5%, with 201.7 billion dirhams held by Moroccans living abroad (MRE), while the deposits of private companies increased by 7.7% to reach MAD 184.9 billion at the end of July.
According to the same source, the rate of interest on 12-month term deposits virtually stagnated at 2.86% in July following 2.85% in June 2023. Likewise, the rate on 6-month deposits recorded a monthly increase. by 24 basis points, to 2.65%. Concerning savings accounts, their minimum remuneration rate has been set at 2.98% for the second half of 2023, an increase of 147 basis points compared to the previous half-year. As for outstanding bank credit, it reached 1,063.5 billion dirhams (billion dirhams) at the end of July, an annual increase of 5.2%. This outstanding amount is distributed among non-financial agents with 911.6 billion dirhams (+3.4%) and financial agents 151.9 billion dirhams (+17.4%).
According to Bank Al-Maghrib, the annual increase of 0.9% in credits to private NFEs covers a growth of 4.3% in equipment loans and a drop of 5.6% in liquidity facilities and 4.1% % of credits for real estate development. The BAM economic survey reveals that access to financing, in the second quarter of 2023, was considered “normal” by the majority of manufacturers. Furthermore, the cost of credit would have been stagnating according to 70% of companies and increasing according to 30% of them. According to the investigation into the conditions for granting credit over this same period, the criteria would have been kept unchanged for all credit purposes, with the exception of cash flow loans where they would have been tightened.
These findings remain valid for both GE and SMEs. As for demand, it would have experienced a decline for both GE and SMEs, and would have concerned all credit objects except real estate development loans where it would have stagnated. As for the rates applied to new loans, they reached 5.27% in Q2-2023. By company size, they stood at 5.01% for GEs and 5.77% for SMEs.
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