Monetary Mass: Annual Growth Slows to 6.9 Percent
Follow-Up
Bank Al-Maghrib reported that the annual growth rate of the monetary mass (M3) slowed by 8 percent to 6.9 percent in April 2025.
The central bank clarified in its latest monetary statistics report that this slowdown is primarily attributed to a 3.4 percent decline in the net liabilities of deposit institutions to the central administration, following a 7.5 percent increase the previous month.
Regarding the components of the monetary mass (M3), the report noted that official reserve assets rose by 8.9 percent after a 2.5 percent increase, while bank loans extended to the non-financial sector grew by 4.2 percent compared to 3.9 percent in March 2025.
The annual growth slowdown of the monetary mass reflects a decline in the growth rate of circulating cash from 9.3 percent to 8.4 percent, demand deposits at banks from 11.4 percent to 8.4 percent, and holdings of collective investment scheme securities by economic agents from 17.7 percent to 14.6 percent. Meanwhile, term accounts registered an increase of 4.5 percent.
By institutional sector, the development of monetary assets, excluding credit money, mainly reflects growth in the monetary assets of households at 6.2 percent, which covers a decrease in the growth of their term accounts, a near stagnation of their demand deposits, and savings accounts, alongside a slowdown in private non-financial corporate monetary assets to 13.5 percent.
