Government deposits recorded the highest monthly increase since 2012, rising last September, by 48.8 billion dirhams, bringing the cumulative balance in banks to 318.6 billion dirhams, compared to 268.8 billion dirhams at the end of August, according to data released by the Central Bank, yesterday.
The data showed that the growth of government deposits, last month, jumped after nearly a year of stability, which tends to decline month after month, with a monthly increase during that period did not exceed more than three billion dirhams, in March 2019, while the rest of the months recorded mixed declines.
The rise in government deposits in the banking sector indicates government solvency. The increase is mainly due to higher government revenues, both from oil and non-oil sectors, as well as a policy of rationalizing spending and restructuring sectors, which ensures efficient spending and maximizes return on assets.