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.


Previous Post Next Post