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Morocco’s Money Supply Surges 7.4% in October 2025, Boosting Credit to the Non‑Financial Sector
<p>Bank Al‑Maghrib reports that Morocco’s broad money stock (M3) reached 1.982 trillion dirhams in October 2025, marking a 7.4% year‑over‑year increase. The rise was driven by faster credit growth to the non‑financial sector, a sharp jump in official reserve assets and a modest rebound in cash in circulation.</p><p>While household monetary assets stayed almost flat, private non‑financial corporations saw a 10.8% rise in monetary assets, and public non‑financial corporations experienced a slowdown. Non‑performing loans grew marginally to 3.7% YoY, with the NPL‑to‑credit ratio unchanged at 8.6%.</p>
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Key Monetary Indicators for October 2025
- Money supply (M3): 1.982 trillion MAD, up 7.4% YoY (down from 7.8% in September).
- Official reserve assets: grew 19.6% YoY, up from 14.1%.
- Cash in circulation: increased 11.7% YoY, up from 9.8%.
- Term deposits: rose 1.4% after a 1.1% decline in the prior month.
- Demand deposits (view accounts) and savings accounts: virtually unchanged, 10.2% and 1.9% growth respectively.
Credit to the Non‑Financial Sector
- Private non‑financial corporations: credit grew 1.4% YoY (vs 0.8% in September).
- Public non‑financial corporations: credit surged 11.0% YoY (vs 6.4%).
- Household loans: continued modest growth, 3.1% YoY (vs 2.9%).
Breakdown by Economic Object
- Treasury facilities: decline eased to 4.8% YoY (from 6.6%).
- Consumer credit: up 4.5% YoY (vs 4.2%).
- Equipment financing: almost flat at 16.4% growth.
- Mortgage lending: steady at 3.2% growth.
Institutional Sector Highlights
- Household monetary assets: near‑stagnant growth of 6.5% YoY; view deposits +9.3%, savings +1.9%, term deposits –4.4%.
- Private non‑financial corporations: monetary assets up 10.8% YoY, driven by stronger view deposits and a slower decline in term deposits.
- Public non‑financial corporations: monetary asset growth slowed due to weaker growth in view and term deposits.
Non‑Performing Loans (NPLs)
Annual growth of NPLs was modest at 3.7%, while the NPL‑to‑credit ratio held steady at 8.6%.