Morocco’s money supply growth eased in October even as bank lending to the non-financial sector accelerated, the country’s central bank data has shown.
Broad money (M3) reached 1,982.14 billion dirhams (US$539 billion) in October, rising 7.4 percent year-on-year compared with 7.8 percent in September, Bank Al-Maghrib said in its monthly monetary statistics.
The slowdown mainly reflected weaker growth in depository institutions’ net claims on the central government, which slipped to 0.3 percent from 1.4 percent. By contrast, credit to the non-financial sector strengthened to 3.6 percent from 3.0 percent.
Official reserve assets continued to rise sharply, expanding 19.6 percent from a year earlier after a 14.1 percent increase in September.
Money supply components saw mixed trends: cash in circulation jumped 11.7 percent, demand deposits grew 10.2 percent, while time and savings deposits rose 1.4 percent and 1.9 percent respectively. Money market fund holdings slowed to 9.1 percent.
Household monetary assets excluding cash grew 6.5 percent, little changed. Private non-financial companies posted stronger gains of 10.8 percent, driven by demand deposits and a milder fall in time deposits, while their money market fund holdings rose at a slower pace of 12.7 percent. State-owned firms saw monetary asset growth cool as deposit expansion moderated.
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