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Moroccan Money Supply Jumps 12.1% YoY to DH2.15 trillion in May 2026
Bank Al‑Maghrib reports that Morocco’s broad money aggregate (M3) reached DH2.149,5 billion at the end of May 2026, marking a 12.1 % year‑over‑year increase. The rise is driven by faster credit expansion to the non‑financial sector, higher net claims on the Central Administration, and a surge in cash held outside banks ahead of the Aid Al‑Adha festivities.
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Key Monetary Statistics for May 2026
The central bank of Morocco, Bank Al‑Maghrib (BAM), published its May 2026 monetary bulletin indicating that the broad money supply (M3) stood at DH2.149,5 billion, up 12.1 % year‑on‑year. This follows an 11.9 % rise recorded in April.
Credit growth to the non‑financial sector accelerated from 8.0 % to 8.9 %, while net claims on the Central Administration grew from 10.1 % to 11.4 %.
Official reserve assets increased by 22.3 % after a 20.3 % rise in the previous month.
Most of the M3 increase came from a jump in cash outside bank deposits, which grew from 18.4 % to 22.4 % as households prepared for the upcoming Aid Al‑Adha celebrations.
Conversely, the growth rate of deposits at sight slowed to 11.8 % from 12.2 %, and holdings of money‑market mutual funds (OPCVM) fell to 22.1 % from 24.8 %.
Term‑deposit balances turned more negative, declining by 7.7 % after a 2.7 % drop in April.
When looking at institutional sectors, monetary assets (excluding cash) for households rose 8.8 % (up from 8.7 %) driven by higher sight‑deposit balances and greater OPCVM holdings.
In contrast, monetary assets of private non‑financial corporations slowed to 12.3 % growth after 14.5 %, mainly because of a steeper fall in term‑deposit balances and a deceleration in OPCVM holdings.