The M3 money aggregate, which represents the money supply, showed an annual increase of 7.9% in April 2023, against 7.2% the previous month, according to Bank Al-Maghrib (BAM).
This trend covers an 11.5% rise in net claims on the central government, and that of official reserve assets by 9%, against 8.6% in March, as well as the increase in bank credit to the non-financial sector. by 5.3%, specifies BAM in its bulletin on monetary statistics for the month of April 2023.
The acceleration in the annual increase in money supply mainly reflects an increase in currency in circulation from 11.9% to 12.2% and holdings in securities of money market undertakings for collective investment (OPCVM) of 32. 6% after 15%.
This performance also reflects the attenuation of the drop in term accounts to 6.9% after 9.7%, as well as an increase in demand deposits with banks of 9.2% against 9.6% in March 2023 .
By institutional sector, the growth rate of household monetary assets, in addition to their fiduciary currency holdings, stood at 7.5%, with an increase in their demand deposits of 8.7% against 9.3%, a drop in their term accounts by 2.3% after that of 2.1% and an increase in their holdings in certificates of deposit which increased monthly by 2.2 million dirhams (MMDH).
Regarding the monetary assets of private non-financial corporations, they saw their growth accelerate to 13.1% after 8.5%, with an increase of 12.9% after 2.6% of their term accounts and 10.4% after 10.6% of their sight deposits.