Bank Al-Maghrib (BAM) reported that the annual growth rate of the monetary aggregate M3, which represents the money supply, rose by 6.3% in March 2022 after 5.4% a month earlier.
In its key indicators of monetary statistics for the month of March 2022, the Central Bank specifies that this development covers an acceleration from 6.6% to 8.2% of currency in circulation and from 6.6% to 8.3% of sight deposits with banks, as well as a 2.5% drop in term accounts after 0.7% a month earlier.
On the other hand, official reserve assets recorded an annual growth of 9% after 8.8% and net claims on the Central Administration increased by 20.9% after 19.3% in February.
On a monthly basis, the M3 aggregate recorded an increase of 1.6% in March 2022 to reach 1,580.3 billion dirhams (MMDH).
This trend mainly reflects a 0.9% increase in currency in circulation and a 2.8% increase in demand deposits with banks, as well as a 0.9% drop in term accounts.