Money supply increases by 8% in December 2022 (BAM)
Rabat – The M3 money aggregate, which represents the money supply, posted an 8% year-on-year increase in December 2022, after 6.7% a month earlier, according to Bank Al-Maghrib (BAM).
This increase is mainly related to the acceleration in the rate of growth of credit to the non-financial sector to 8% and that of net claims on the Central Administration to 21.8%, explains BAM in the bulletin on monetary statistics for the month of December 2022.
As for official reserve assets, they recorded an annual increase of 2.1% after 6.8% in November 2022, the same source said.
The acceleration in the annual growth of the M3 aggregate essentially reflects an 8.9% increase in sight deposits with banks and a 10.8% increase in cash in circulation, a reduction in the decline in term accounts to 5% and a slowdown in the growth of economic agents’ holdings of monetary UCITS (Undertakings for Collective Investment in Transferable Securities) securities to 15.9%.
By institutional sector, the evolution of M3 essentially reflects a progression of households’ monetary assets of 7.2%, reflecting in particular an increase in their sight deposits and an attenuation of the decline in their term accounts and a deceleration of the progression of the monetary assets of private non-financial corporations to 7.9%, essentially attributable to the slowdown in the growth of their sight deposits and their term accounts.
2024-08-15 13:40:26