HomeEconomyDeceleration of the growth rate to 7.2% in Q2-2021

Deceleration of the growth rate to 7.2% in Q2-2021

The growth rate of the M3 aggregate, which represents the money supply, decelerated from 8.7% in the first quarter of 2021 to 7.2% in the second quarter, according to Bank Al-Maghrib (BAM).

This development reflects, in particular, the slowdown in the growth of fiat currency from 17.1% to 6.4%, explains BAM in its report on monetary policy, published at the end of the third quarterly meeting of its Council. for 2021.

In the same direction, sight deposits increased by 9.2%, after 10.9%, following the deceleration in the growth of household deposits from 10.3% to 8.6% and the decline of 6% those of financial agents, after an increase of 23.9%, adds the same source.

As for term deposits, their decline fell from 5.9% to 2.5%, reflecting the acceleration of the increase in those of financial agents from 21.8% to 59.4% and the attenuation of 27 , 7% to 9.1% of the decline in those in the public sector.

For their units, money market UCITS (Collective Investment Schemes) securities recorded an increase of 25.2% after that of 22.4% in the first quarter.

By main counterparty, the change in money supply notably covers decelerations from 22.1% to 4.8% of the increase in official reserve assets, from 13.4% to 11.0% of the increase in net claims on central government and from 3.7% to 3.0% for bank credit.




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