Stocks Market

Morocco’s Money Supply Surges 8.3% in November 2025, Powered by Consumer Credit and Deposit Growth

Bank Al‑Maghrib reported that Morocco’s broad money aggregate (M3) expanded by 8.3 % year‑on‑year in November 2025, reaching 2 011.3 billion DH. The jump reflects a sharp acceleration in net deposits held by banks at the Central Administration, stronger credit extensions to the non‑financial sector, and a modest slowdown in the growth of official reserve assets. Key components of the M3 increase include cash in circulation (+13.1 %), sight‑deposits at banks (+10.2 %), and households’ holdings of money‑market mutual‑fund shares (+17.6 %). Meanwhile, savings‑account growth stalled at 1.9 % and term‑deposit balances fell 4 %, highlighting divergent trends across the banking system.

January 2nd, 2026

2 min read

By boursenews.ma

Listen to this article

Unlock audio versions of premium articles and more with a Pro subscription.

Upgrade to Unlock

Key Highlights of November 2025 Monetary Statistics

Bank Al‑Maghrib released its latest monetary bulletin showing that the broad‑money aggregate (M3) rose 8.3 % year‑on‑year, reaching 2,011.3 billion DH. The growth stems from several underlying factors:

Net claims of deposit‑taking institutions on the Central Administration surged to 6.3 % from just 0.3 % a month earlier.
Credit extended to the non‑financial sector climbed 4.2 % (up from 3.6 % in October).
The increase in official reserve assets slowed, with the growth rate falling from 19.6 % to 17.4 %.

The M3 composition also shifted:

Cash in circulation rose 13.1 % (previously 11.7 %).
Sight‑deposits at banks grew 10.2 % (against 11.2 % in October).
Households’ holdings of money‑market mutual‑fund shares jumped 17.6 % from 8.5 %.
Savings‑account growth stalled at 1.9 %, while term‑deposit balances fell 4 % after a 1.4 % rise in October.

Credit and Lending Trends

Bank‑to‑non‑financial‑sector credit showed mixed signals:

Liquidity facilities narrowed the decline to 2.8 % from 4.8 %.
Consumer loans accelerated slightly to 4.7 % from 4.5 %.
Equipment financing growth eased to 16.2 % (down from 16.4 %).
Real‑estate loans slowed to 3 % from 3.2 %.

Sector‑Specific Monetary Assets

Excluding cash, monetary assets held by households rose 6.7 % (up from 6.4 %) driven mainly by higher holdings of money‑market fund shares, a slower rise in sight‑deposits, and a flat trend in term‑deposits.

Private non‑financial corporations saw a stronger increase of 13.2 % (versus 11 % previously), reflecting growth in both sight‑deposits and money‑market fund holdings, as well as an improvement in term‑deposit balances.

Non‑Performing Loans (NPLs)

Non‑performing loans grew 5.8 % in November, above the 3.7 % rise recorded in October, pushing the NPL‑to‑credit ratio to 8.7 % (from 8.6 %).