At the end of 2022, cash in circulation, or fiduciary circulation increased by 10.8%, i.e. a total of 354.8 billion dirhams circulating during the last 12 months. In terms of monthly shift, cash in circulation increased by 7 billion dirhams (2%).
The latest monetary statistics from Bank Al-Maghrib (BAM), indicate that in December 2022, the M3 money aggregate (broad money supply) marked, year-on-year, an increase of 8% after 6.7% a month earlier, mainly in line with the acceleration in the growth rate of credit to the non-financial sector to 8% after 6.1% and that of net claims on the Central Administration from 11.6% to 21.8% .
With regard to official reserve assets, they recorded an annual increase of 2.1% after 6.8% in November 2022, underlines BAM, which explains that this acceleration in the annual growth of the aggregate M3, mainly reflects a rise of 8.9% after 8.4% in sight deposits with banks and 10.8% after 8.9% in currency in circulation.
By institutional sector, the change in M3 essentially reflects, continues BAM, an increase in household monetary assets of 7.2% after 6%, reflecting in particular an increase in their sight deposits and an attenuation of the fall in their accounts at and a deceleration in the growth of the monetary assets of private non-financial corporations to 7.9% after 11.9%, mainly attributable to the slowdown in the growth of their sight deposits and their term accounts.
With regard to non-performing loans from bank loans, their annual growth rate decelerated from 5.8% in November to 5.5% in December 2022. Under these conditions, the rate of non-performing loans fell to 8.4 % after 8.8%.
Regarding bank loans by branch of activity, BAM’s monetary statistics reveal that the data available on a quarterly basis show an acceleration from 5.3% in September to 7.6% in December 2022 in overall bank loans, covering in particular an increase in loans to companies in the “ Electricity, gas and water “, ” vstrade, repair of motor vehicles and household goods” and “financial activities », an attenuation of the decline in assistance to « Transport and communications », a slight slowdown in the increase in competition for « manufacturing industries “, and an accentuation of the decline in loans to the branch” Construction and public works “.
On the other hand, underlines BAM, loans granted by financing companies to non-financial agents stood at 130.2 billion dirhams at the end of December 2022, up 6.4% after 5% in September. This development, explains BAM, mainly covers an acceleration in leasing from 3.7% to 4.9% and a slowdown in the growth of consumer loans from 4.9% to 4%. For their part, the loans allocated by offshore banks to the non-financial sector increased by 17.5% after 13.8% to reach 13.7 billion dirhams at the end of December 2022.