financial assets grow by 5% in 2021

The financial wealth of households increased by 5% to 919.5 billion dirhams (MMDH) in 2021, according to the 9th edition of the annual report on financial stability, published by Bank Al-Maghrib (BAM), the Insurance and Social Welfare Supervisory Authority (ACAPS) and the Moroccan Capital Market Authority (AMMC).

This amount is made up of 82% of bank deposits, against 11% for investments in life insurance and 7% in the form of securities, specifies this report, adding that this structure remains almost unchanged from one year to another.

Household bank deposits increased for 2021 by 4.1% against 5.5% in 2020, reaching an amount of 754 billion dirhams, notes the same source.

By category, sight deposits saw their share increase in total deposits, to stand at 65%, after 63% a year earlier, while time deposits saw their share fall by 1.4 dot at 12%. Savings accounts kept their proportion stable at around 23%.

Sight deposits thus totaled an amount of 487 billion dirhams, with a surplus of 31 billion dirhams, reflecting an increase of 6.8% after 10% a year earlier, notes the report. The contraction in term deposits was further confirmed at the end of 2021 and stood at 7.1%, after 6.4% in 2020.

The lack of interest in this product stems from the downward trend in remuneration rates, observed since 2015. From one year to the next, interest rates on 6-month deposits fell by 2 .51% to 2.19% and from 2.80% to 2.53% for 12-month deposits.

Savings accounts, for their part, increased by 3.1% to 172 billion dirhams, against 1.9% a year earlier. This growth remains below the average growth rate (5.2%) observed over the 2015-2019 period.

The report also shows that household investments in the form of life insurance contracts increased by more than 5 billion dirhams from one year to the next, to total 99.4 billion dirhams in 2021, an increase of 5.4 %. Subscriptions to this type of investment have been on a downward trend since 2015, with the exception of 2019 when their growth amounted to 12.4%.

In terms of securities, investments by individuals achieved a notable growth of 15.2% in 2021 after a drop of 5% in 2020, thus accumulating an overall amount of 66 billion dirhams. This increase is due, in particular, to the 12% increase in property titles, the amount of which amounted to 62.3 billion dirhams, ahead of private debt securities which doubled compared to 2020, to stand at 3, 4 billion dirhams.

For their part, household investments in government securities increased slightly in 2021, after a remarkable decline since 2016.

Through this report, the authorities of the financial sector aim to provide the public with a cross-sectional view of the situation of the Moroccan financial system and the risks likely to affect it, as well as an analysis of the main economic and financial trends.

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