Morocco: Banking deposits surge 72% over a decade reaching $120 billion
Banking deposits in Morocco have experienced consistent growth over the past decade, reaching 1.271 trillion dirhams ($120 billion) in 2024 compared to 740 billion dirhams in 2014, representing a remarkable 72% increase. Bank Al-Maghrib monetary statistics confirm this robust upward trajectory, with deposits surpassing the one trillion-dirham milestone in 2020.
The growth pattern demonstrates strong economic momentum with 72% expansion over ten years, averaging nearly 6% annual growth. Current trends continue into 2025, with deposits reaching 1.303 trillion dirhams by July’s end, representing 8.3% year-over-year growth and confirming sustained confidence in Morocco’s banking system.
Customer deposits constitute the backbone of banking financing, representing 66% of total bank resources in 2024, significantly exceeding credit institution debts (11%) and equity capital (8%). Their macroeconomic significance equals approximately 80% of Morocco’s GDP, confirming banking channels’ predominance in national savings mobilization over alternative circuits including stock markets and life insurance.
Deposit structure reveals Moroccans’ preference for liquidity, with demand deposits reaching 905.8 billion dirhams, approximately 71% of total deposits in 2024. Term deposits and certificates of deposit represent only 119.7 billion dirhams, about 9% of totals, reflecting household and business caution prioritizing money accessibility over higher-yield but less liquid investments.
Households dominate banking deposits, holding 72.8% totaling 948.2 billion dirhams through July 2025. Moroccan expatriates contribute 214.6 billion dirhams, confirming diaspora importance in national economic financing. Private non-financial companies also demonstrate strong deposit growth, increasing 9.7% annually to 229.1 billion dirhams.
Growth factors include rising incomes, increasing population banking penetration, expanded access through digitalization and mobile banking, 2024 voluntary fiscal regularization encouraging asset repatriation, and continued banking system confidence during uncertain economic conditions.