The money supply in Morocco, represented by aggregate M3, reached 1.750.8 billion dirhams (MMDH) in 2023, marking a 3.9% increase compared to the previous year. This information comes from the latest annual report by Bank Al-Maghrib (BAM) on the economic, monetary, and financial situation.
Breaking down the components, demand deposits with banks increased by 6.8%, while term deposits and foreign currency deposits saw declines of 10.9% and 12.7%, respectively. The central bank also noted a continued strong increase in currency circulation, which rose by 10.9%. Conversely, the value of money market collective investment scheme securities decreased by 7.6%, while savings accounts experienced a modest growth of 1.8%.
Sector-specific data reveal that individual deposits grew by 3.6%, driven by respective increases of 5.4% in demand deposits and 1.9% in savings accounts, alongside a 4.3% decline in term deposits.
For private non-financial companies, assets surged by 8.9%, fueled by a 12.8% rise in demand deposits, although term deposits fell by 13.5%.
Public enterprises experienced decreases of 5.4% in demand deposits and a substantial 43.8% drop in term deposits.
These figures highlight the varied trends in Morocco’s monetary aggregates, reflecting the dynamic changes within different sectors of the economy.
