Bank Al-Maghrib (BAM) said that the annual growth rate of the monetary aggregate M3, which represents the money supply, stood at 6.8% in May 2021 against 7.5% a month earlier.
In its key monetary statistics indicators for May 2021, BAM explains that this development mainly covers a deceleration from 9% to 6% in the growth of currency in circulation, a slowdown from 10% to 9.2% in the growth of deposits to seen with banks and an attenuation of the fall in term accounts from 3.6% to 1.5%.
By counterpart, notes the Central Bank, the annual growth rate of official reserve assets stood at 5.3% against 6.1% a month earlier and that of net claims on the Central Administration increased from 17, 8% to 5.6%.
On a monthly basis, the M3 aggregate increased by 0.7% in May 2021 to stand at MAD 1.505.3 billion (billion dirhams). This development reflects an increase in its main components, with an increase of 1.2% in currency in circulation, 0.6% in bank money and 1.5% in term accounts.