The M3 money aggregate, which represents the money supply, recorded an annual increase of 7.9% in April 2023, compared with 7.2% the previous month, according to Bank Al-Maghrib (BAM).

This trend reflects an 11.5% rise in net claims on the Central Administration, and a 9% increase in official reserve assets, compared with 8.6% in March, as well as a 5.3% rise in bank credit to the non-financial sector, says the central bank in its April 2023 monetary statistics bulletin.

The acceleration in annual money supply growth mainly reflects a rise in currency in circulation from 11.9% to 12.2%, and in holdings of money market Undertakings for Collective Investment in Transferable Securities (UCITS) from 15% to 32.6%.

This performance also reflects an easing of the decline in time deposits to 6.9% from 9.7%, as well as an increase in sight deposits with banks to 9.2% from 9.6% in March 2023.

Source: Agency Morocaine De Presse