BAM: Money supply up 4.1% in September

Bank Al-Maghrib (BAM), reported that the monetary aggregate M3, which represents the money supply, increased by 4.1% in September 2022, against 5.5% in August.

In its key indicators of monetary statistics for the month of September 2022, the Central Bank explains that this development mainly reflects a drop in term deposits of 13.6% after that of 8.8%, an increase in demand deposits with banks by 8.1% after 7.8% and an increase in fiduciary circulation by 7.4% against 7%.

On the other hand, official reserve assets increased by 7.2% after 7.9% and net claims on central government by 9.5% after 10.2%.

On a monthly basis, the money supply fell by 0.5% to stand at 1,614.6 billion dirhams. This trend mainly reflects the decline in fiduciary circulation by 0.4%, term accounts by 4.9% and holdings of money market UCITS by 6.4%. On the other hand, scriptural money increased by 1.3%.

Bank credit increased by 5.6%

Over the same period, bank credit to the non-financial sector increased by 5.6% in September, with a rise in the growth of loans to private corporations to 9.4%, an attenuation of the decline in credit to non-financial corporations to 6.5% and the increase in loans to households by 3.5%.

By economic purpose, notes BAM, the evolution of bank credit to the non-financial sector shows an increase in the progress of cash facilities of 17.6% after 15.4%, an attenuation of the decline in equipment loans of 0.7% after 1.4%, and virtual stability in the growth of real estate loans and consumer loans at 2.4% and 3.2% respectively.

Non-performing loans increased year-on-year by 4.8% after 5.3% and their credit ratio reached 8.5% against 8.7% in August.

On a monthly basis, bank credit to the non-financial sector increased by 1.2%, mainly reflecting an increase in cash facilities by 3.5% and equipment loans by 0.9%, real estate loans having remained almost at their level of the previous month.

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