Bank Al-Maghrib: Annual Increase of 8.3% in Money Supply in August

The recent report from Bank Al-Maghrib (BAM) indicates that the annual increase in the money supply reached 8.3% in August. This growth is primarily attributed to a combination of factors, including a 1.6% acceleration in net claims of deposit institutions on the Central Administration, an increase in official reserve assets (ORA) by 11% to 13.1%, and stagnant growth in bank credit to the non-financial sector at 3.4%. The annual progression of the M3 aggregate is mainly reflected in a 9.6% rise in currency in circulation, an 18.7% increase in holdings of money market mutual funds (OPCVM), a 1.9% rise in term accounts, and a deceleration in the growth of sight deposits at banks from 11.2% to 10.7%. By institutional sector, the evolution of monetary assets, excluding currency in circulation, shows an acceleration in the growth of monetary assets of private non-financial companies from 10.4% to 14.4%. This includes a 16.2% increase in their sight deposits and a significant decline of 25.8% in their term accounts. Additionally, the monetary assets of households grew by 6.6%, up from 6.4%. This growth is accompanied by nearly stagnant progress in their sight deposits at 9.1%, a 1.9% increase in savings accounts, and a reduction in term accounts, which decreased by 3.4% after a previous decline of 3.8%.