Stocks Market
Bank Al‑Maghrib Reports 10% Growth in Money Supply Through March 2026
Bank Al‑Maghrib announced that the M3 money supply hit 2.1037 billion Moroccan dirhams at the end of March 2026, up 10% year‑on‑year. Growth slowed slightly from February’s 10.2%, driven by a modest rise in non‑bank credit, a drop in central government net credits, and a stronger hike in private sector deposits and money‑market mutual fund holdings.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
The Central Bank of Morocco (Bank Al‑Maghrib) released its latest monetary statistics on Tuesday, revealing that the M3 money supply reached 2.1037 billion Moroccan dirhams (MMDH) at the end of March 2026, a 10% rise compared to a 10.2% increase in February.
Key Drivers of the Growth
- Bank loans to the non‑financial sector grew at 6.3% versus 5.8% in February.
- Net central administration credits slowed from 4% to 3.1%.
- Official reserves fell from 25.6% to 23.4%.
- Money‑market mutual fund (FIC) holdings of economic agents surged from 9.3% to 15.3%.
Financial‑sector figures show a 17% increase in broad‑based cash, a 10.5% rise in demand deposits, a negligible 0.2% change in fixed‑term accounts, and a stronger rise in FIC holdings.
Sector‐Specific Movements
- Households’ monetary assets grew 8.2%, mainly due to higher demand deposits and a reduced drop in savings accounts.
- Private non‑financial firms’ assets jumped 10.8%, largely driven by a 7.2% climb in their fixed‑term accounts.
Network links and upcoming related articles are available in the original publication.