Bank credit to the non-financial sector almost stable for the month of January 2022. For its part, the money supply shows an increase of 4.9%.
According to monetary statistics for January, published by Bank Al Maghrib, the growth of bank credit to the non-financial sector remained, year-on-year, almost stable around 3.3% in January 2022. The Central Bank explains that this development “reflects the 4.5% increase in January following 4.6% in December 2021 in loans to households and 3.6% following 4.4% in loans to private companies”, explains BAM, which has just published its key indicators monetary statistics for the month of January 2022. With regard to the classification by economic purpose, the increase in credit allocated to the non-financial sector covers an increase of 3.2% following 2.7% in real estate loans, an increase in credit facilities cash of 7.1% following 9.6% and consumer loans of 2.5% once morest 2.7% and a drop of 3.6% following 4.4% of equipment loans. Through the same statistics for the month of January, BAM demonstrates that the annual growth rate of non-performing receivables has decelerated from 4%, in December 2021, to 3.4%, in January 2022. Under these conditions, the rate of receivables in default stood at 8.7%. Moreover, and month-on-month, bank credit to the non-financial sector fell by 0.3% in January, mainly in line with the 1.5% decline in cash facilities, the other credit categories remaining virtually unchanged. at the same level as the previous month.
Money supply increases by 4.9%
For its part, the annual growth rate of the monetary aggregate M3, which represents the money supply, marked an increase of 4.9% in January 2022, following 5.1% a month earlier, still according to statistics from Bank Al-Maghrib. It is noted in this sense that this increase mainly reflects the increase in currency in circulation by 5.7% following 6.5%, the increase in demand deposits with banks by 7.2%, following 7.6%, as well as the 3.4% decline in term accounts once morest a 0.6% increase a month earlier. On the other hand, official reserve assets increased by 5.5% in January 2022, following 3.2% in December 2021, and net claims on central government by 19.5% once morest 14.4%. On a monthly basis, the M3 aggregate recorded, in January 2022, a drop of 0.7% to stand at 1,550.3 billion dirhams. This trend mainly reflects the 1.9% decrease in sight deposits with banks and 3.8% in term accounts. On the other hand, currency in circulation increased by 0.2% and savings accounts with banks increased by 0.3%.
Sanae Raqui / ECO Inspirations
