Morocco's Money Supply Grows 10 Percent Annually

Bank Al-Maghrib, Morocco's central bank, has reported a notable increase in the nation's money supply, with the M3 aggregate reaching 2,103.7 billion dirhams in March 2026. This represents an annual growth of 10 percent, a slight deceleration from the 10.2 percent recorded in February.

The central bank's monetary statistics indicate that this expansion is primarily driven by a combination of factors. A slowdown in net debt to the central administration, from 4 percent to 3.1 percent, and a decrease in official reserve assets from 25.6 percent to 23.4 percent, have contributed. Conversely, bank loans to the non-financial sector saw an acceleration, increasing from 5.8 percent to 6.3 percent.

Further analysis reveals that the rise in M3 is also linked to a moderation in the growth of credit money outside of banks and a slower increase in demand deposits. Additionally, there has been a reduction in the rate of decline for term deposits. These shifts in monetary dynamics suggest a complex interplay of factors influencing liquidity within the Moroccan economy.

From a Moroccan perspective, these figures from Bank Al-Maghrib provide crucial insights into the health and direction of our economy. While the slight slowdown in overall M3 growth warrants attention, the acceleration in lending to the non-financial sector is a positive sign, potentially indicating increased business investment and economic activity. The central bank's detailed reporting allows us to understand the nuances of monetary policy and its impact on various economic actors, including households and non-financial corporations.