Moroccan households are strengthening their financial assets to exceed 1,100 billion dirhams in 2024.
The financial assets of Moroccan households continued to grow throughout 2024, reaching 1,109 billion dirhams, marking an increase of 8.1 percent compared to 2023, according to the twelfth annual report on financial stability issued by Bank Al-Maghrib, the Insurance and Social Security Control Authority, and the Moroccan Capital Market Authority.
This growth was primarily reflected in the banking deposits across all categories, except for term deposits, which continued to decline. Household deposits witnessed a notable recovery, increasing by 7.5 percent to reach 895 billion dirhams, surpassing the annual growth average of 5 percent over the past decade.
Demand deposits rose by 10.1 percent to 618 billion dirhams, representing 69 percent of household deposits, compared to 67 percent in 2023 and 61 percent on average over the past ten years. This indicates a clear shift towards liquidity due to weak returns on alternative investments and increasing caution regarding risks.
Savings accounts reached 185 billion dirhams, registering a moderate increase of 2.9 percent, up from 1.8 percent in 2023, and 3.1 percent in both 2022 and 2021. Conversely, term deposits continued to decline, decreasing by 1.1 percent to settle at 82 billion dirhams, having represented over 18 percent of household deposits a decade ago, now falling below 9 percent.
Investment deposits in participatory banks grew by 16 percent, reaching 2.5 billion dirhams, with an annual increase amounting to 395 million dirhams. Households’ investments in life insurance contracts increased by 8.2 percent, maintaining a stable share of around 11 percent of total financial assets.
Investments in marketable securities saw a 15.5 percent increase to 81.5 billion dirhams, with an annual rise of 11 billion dirhams, driven by a strong increase in equity bonds, which surged by 22 percent and constituted 95 percent of these investments.
In contrast, private debt securities recorded a decline of 34 percent, settling at 3.4 billion dirhams, while sovereign bonds dropped significantly from 1.7 billion dirhams in 2023 to just 400 million dirhams in 2024.
