The money supply in Morocco experiences a slowdown in its growth rate to 7.8% in September 2025
Bank Al-Maghrib reported that the money supply, known as M3, stood at approximately 1,996.14 billion dirhams during September 2025, reflecting a 7.8% annual increase, following an 8.3% rise in August.
The central bank clarified that this decline in the annual growth rate is primarily attributed to several factors, including the slowdown in the growth of bank loans directed to the non-financial sector to around 3%, and a decrease in net debts of deposit institutions with the central bank to about 1.4%.
Conversely, the growth rate of official reserve assets rose to 14.1%, up from 13.1%, indicating an improvement in Morocco’s hard currency resources.
In terms of components of the money supply, Bank Al-Maghrib indicated that the slowdown in annual growth is due to various elements: demand deposits at banks decreased to 10.1%, while time deposits fell by 1.1%. Meanwhile, the circulating cash increased by 9.8%, and holdings of economic agents in mutual fund securities rose by 24.8%.
When examining institutional segments, the evolution of the money supply shows a decline in the growth of cash assets for non-financial private sector companies to 10%, accompanied by a drop in their deposits from 16.2% to 10.9%, and a decrease in their holdings of mutual fund securities from 30.5% to 27.9%.
For households, cash assets recorded near stability with a growth rate of 6.6%, given that their demand deposits rose by 9.2%, while their time deposits decreased to 3.8% from 3.4%.
