Morocco's Money Supply Jumps 11.8% in April 2026, Driven by Faster Credit Growth

Bank Al‑Maghrib reports 11.8% rise in M3 money supply for April 2026

The Moroccan central bank disclosed that the M3 monetary aggregate – which includes cash, deposits and money‑market fund holdings – reached 2,119.9 billion dirhams in April 2026. This marks an annual increase of 11.8 %, up from the 10 % growth recorded in March.

The expansion is chiefly attributed to two factors:

• A jump in credit to the non‑financial sector, which climbed from a 6.3 % rise in the previous month to 8.1 %.
• A surge in net claims on the Central Administration, soaring from 2.8 % to 10.1 %.

Official reserve assets also grew, expanding by 20.3 % after a 23.4 % rise in the prior period.

The composition of M3 shifted noticeably:

• Cash outside banks accelerated from 17 % to 18.4 %.
• Sight deposits with banks rose from 10.5 % to 12.2 %.
• Holdings in money‑market mutual fund units jumped from 14.7 % to a striking 24.1 %.
• Term‑deposit balances fell further, declining by 2.7 % after a modest 0.2 % drop.

By institutional sector, the increase in monetary assets (excluding cash) mirrors an 8.8 % rise for households – up from 8.4 % – driven by faster growth in their sight deposits and fund holdings, and a less pronounced fall in term deposits.

Private non‑financial companies also saw a boost, with their monetary assets climbing 16 % after 12.5 %, mainly thanks to higher sight deposits and money‑market fund positions.

Overall, the data suggest a broadening of liquidity in the Moroccan economy, underpinned by stronger credit channels and a shift toward short‑term, market‑linked instruments.