The money supply (M3 aggregate), amounted to 1,779.6 billion dirhams in May, increased year-on-year by 4.3%, the same rate of change as the previous month, according to Bank Al-Maghrib (BAM).
This stagnation is the combined result of the slowdown from 2.7% to 2.1% in the growth of bank credit to the non-financial sector and the increase in net claims on the Central Administration of 2.3% after a decrease of 0.4%, explains BAM in its recent monetary statistics bulletin.
Regarding Official Assets in Reserve (AOR), they increased by 4.9% after stabilizing at their level in April 2023, continues the same source.
The stagnation in the annual growth rate of the M3 aggregate mainly reflects the acceleration in the growth of fiduciary money to 10.2% after 8.5%, the attenuation of the decline in term accounts from 6.8% to 4.5%, the slowdown from 7.9% to 6.9% in the growth of sight deposits with banks and the accentuation of the decline in holdings of monetary mutual fund securities by economic agents from 12.5% to 18.5%.
By institutional sector, the evolution of monetary assets excluding fiat currency reflects an acceleration in the growth of household monetary assets to 4.4% after 3.8%, a slowdown in monetary assets of private non-financial companies from 5% to 0.4%, with the deceleration from 14% to 8.1% of the growth of their sight deposits and the accentuation of the decline in their holdings in money market UCITS securities to 23.6% after 12.7% .
On the other hand, the decline in their term accounts eased to 14.9% after 20.6% recorded the previous month.
