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Morocco's Money Supply Surges 11.8% in August 2026, Driven by Credit Growth and UCITS Inflows
Bank Al-Maghrib reported that Morocco's M3 money supply reached 2,215.7 billion dirhams in August 2026, marking an 11.8% year-on-year increase. The expansion reflects accelerating bank lending to the non-financial sector (10.5% vs 10.1%), stronger growth in net claims on the central administration (7.2%), and robust inflows into money-market UCITS (17.3%). Sight deposits and household corporate holdings also picked up pace, while the decline in term deposits narrowed significantly. Official reserve assets growth moderated slightly to 21.7%.
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Rabat, October 1, 2026 — Morocco's broad money supply (M3) climbed to 2,215.7 billion dirhams by the end of August 2026, representing an 11.8% year-over-year increase, according to the latest monetary statistics bulletin released by Bank Al-Maghrib (BAM).
Key Drivers Behind the M3 Expansion
The annual growth in M3 was fueled by a combination of factors:
- Accelerating bank credit to the non-financial sector: Growth quickened to 10.5% from 10.1% previously, signaling stronger financing dynamics for businesses and households.
- Rising net claims on the central administration: These grew 7.2% after a 5.6% increase, reflecting higher public sector financing needs.
- Moderating official reserve assets: Growth slowed to 21.7% from 22.7%, though still robust.
Breakdown of Monetary Aggregates
On the liability side, the components of M3 showed mixed but generally improving trends:
- Sight deposits at banks accelerated to 11.7% from 11.1%.
- Money-market UCITS holdings surged to 17.3% from 16.8%, highlighting investor appetite for liquid, low-risk instruments.
- Term deposits saw their decline narrow sharply to -1% from -2.2%.
- Currency outside banks growth eased to 17.6% from 18%.
- Savings accounts grew at a slower 4.4% pace.
Sectoral Analysis: Households and Corporates Lead
Excluding fiduciary money, monetary assets held by households accelerated to 9.2% (from 8.9%), driven by stronger UCITS subscriptions, while their sight and term deposits stagnated. Private non-financial corporations saw an even sharper pickup, with monetary assets rising 11.8% (up from 11%), supported by a reduced decline in term deposits and faster UCITS accumulation.
The data paints a picture of a financial system with ample liquidity, expanding credit channels, and a shifting preference toward more liquid, market-based savings vehicles — trends that BAM will continue to monitor closely in its policy deliberations.