Money supply: annual growth of 6.2% in July

Hibapress

The money supply (M3 aggregate), estimated at 1,828.6 billion dirhams (MMDH), was marked by an annual growth of 6.2% last July, after 4.6% a month earlier, according to Bank Al-Maghrib (BAM).

This development is mainly the result of an increase in net claims on the Central Administration of 13.5% and an acceleration in the growth of bank credit to the non-financial sector from 1.2% to 2.8%, explains BAM in its monetary statistics bulletin of July 2024. On the other hand, the growth of official reserve assets (AOR) stood at 4.5% after 5.8%, the same source said.

According to BAM, the acceleration in the annual growth rate of the M3 aggregate mainly reflects an 8.5% increase in sight deposits with banks and a 10% increase in fiduciary money, as well as an acceleration in the growth of term accounts to 2.5%, a reduction in the decline in economic agents’ holdings of securities in monetary collective investment schemes (UCITS) to 9.1% and a deceleration in the growth of savings accounts to 3.5%.

By institutional sector, the evolution of monetary assets excluding fiat money reflects an acceleration in the growth of household monetary assets to 5.2%, mainly reflecting a 7.5% increase in their sight deposits, a deceleration to 3.5% of their savings accounts and an accentuation of the decline in their term deposits to 4.4%.

This also represents an increase in the monetary assets of private non-financial companies of 9.5%, with an acceleration in the growth of their sight deposits to 13.2% and a 14.5% increase in their term accounts with banks.