Bank Al-Maghrib: Money supply accelerates to 8% in June 2025

This evolution is mainly the result of the acceleration in the growth rate of bank credit to the non-financial sector by 4.4% after 3.4%, and that of official reserve assets by 11.1% after 8.4%, as well as the mitigation of the decrease from 1.1% to 0.9% in net claims of deposit institutions on the Central Administration, as explained by BAM in its recent monetary statistics bulletin. The annual growth of the M3 aggregate covers the acceleration of growth in sight deposits with banks at 11.7% after 10.2%, and the deceleration in the growth of currency from 8.9% to 7%, term accounts from 7.5% to 3.2%, as well as economic agents' holdings in money market mutual fund securities from 12.1% to 5.7%. The evolution of bank credit to the non-financial sector particularly reflects the growth of credits to private non-financial companies by 3.5% after 2.9%, following the mitigation of the decrease from 2.9% to 2.3% in their cash facilities and the increase in equipment loans by 12% after 11.1% in May 2025. Similarly, loans to public non-financial companies increased by 7.4% compared to 0.6% the previous month. As for household loans, their growth almost stabilized at 2.5%. By economic object, the year-on-year evolution of bank credit to the non-financial sector covers the acceleration in the growth of equipment loans at 12.6% after 11.8% and consumer loans at 2.8% after 2.5%; the progression of cash facilities at 0.4% after a 2.1% decrease last month, and the deceleration in the growth of mortgage loans from 3.2% to 3%. Regarding non-performing loans, they recorded an increase of 5.7% in June after 4.6% in May 2025, and their ratio to credit stood at 8.6% after 8.8%. By institutional sector, the evolution of monetary assets, excluding currency, particularly reflects the acceleration in the growth of those of public non-financial companies. As for household monetary assets, their growth almost stagnated at 6.2%, covering the stagnation in the growth of their sight deposits, the deceleration in their savings accounts, and the accentuation of the decline in their term deposits. As for the monetary assets of private non-financial companies, their growth rate, on the other hand, decelerated from 15.7% to 13.9%, covering the slowdown in both their term accounts and their holdings in money market mutual fund securities, and the increase in their sight deposits.