Bank Al‑Maghrib Reports Slowed M3 Growth to 7.8% in September

In September 2025, Bank Al‑Maghrib (BAM) announced that the M3 money supply climbed 7.8 % year‑on‑year—down from 8.3 % in August. Credit to the non‑financial sector and admin‑net borrowing slowed, while official reserves surged 14.1 %. The commentary also highlighted weaker deposits, a dip in term accounts, and a rise in consumer and equipment loan growth. The bank’s bulletin gives a detailed sectoral breakdown, showing almost stagnant household balances and a mixed performance in institutional credit.

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