Money Supply Grows by 8% in March 2025
The money supply (M3) in Morocco reached 1.912.5 billion dirhams, marking an annual growth of 8% in March 2025, according to the latest report from Bank Al-Maghrib on monetary statistics.
The central bank attributed this increase primarily to the acceleration of loan growth directed towards the non-financial sector, which rose from 3.5% to 3.9%, alongside a rise in the net debts of central government from 7% to 7.5%, as well as an increase in official reserves from 2.3% to 2.5%.
The annual growth in money supply reflects a surge in demand deposits at banks, which rose from 10.3% to 11.4%, and an increase in circulating cash, which went from 7.8% to 9.3%. Moreover, holdings of economic agents in collective investment securities increased from 8.7% to 17.9%, while growth in savings accounts saw a decline of 0.7%, having previously increased by 1.4%.
Analysis by institutional sector revealed that cash assets of households showed near stagnation, growing by only 5.9%, while the rate of growth in cash assets for non-financial private enterprises accelerated from 18.5% to 18.7%, indicating greater dynamism in this sector compared to households.
