Annual money supply growth accelerates to 4.4% in March 2024


The money supply (M3 aggregate), amounted to 1,770.4 billion dirhams (MMDH), was marked by the acceleration of its annual growth to 4.4% in March 2024, according to Bank Al-Maghrib (BAM).

This development mainly results from the combined effect of the increase in bank credit to the non-financial sector from 2.5% to 3.4% and net claims on the Central Administration of 0.2% after a drop of 6.3 %, as well as the slowdown in the growth of official reserve assets from 8.2% to 0.2%, explains BAM in its recent monetary statistics bulletin.

The acceleration in the rate of annual growth of the M3 aggregate mainly reflects the growth of sight deposits with banks from 7% to 7.2%, savings accounts from 2.2% to 2.7% and the stagnation in the progression of fiat currency at 10.2%, reports the same source.

This also concerns the accentuation of the decline in term accounts to 6.3% and the holdings of economic agents in the securities of monetary undertakings for collective investment in transferable securities (UCITS) to 17.4%.

By institutional sector, the evolution of monetary assets excluding fiat currency notably reflects an increasing growth among households at 4.3%, reflecting the increase in their demand deposits of 6.3% and their savings accounts of 2.7%, while term deposits fell by 4.3%.

This development is also attributable to the virtual stagnation among private non-financial companies at 1.4%, with the acceleration to 11.2% of the growth of their demand deposits, the attenuation of the decline in their current accounts. term to 10.8% and the acceleration of the decline in their holdings of money market UCITS securities to 24.2%.

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