Bank Al-Maghrib (BAM), reported that the M3 money aggregate, which represents the money supply, posted a year-on-year increase of 9.4% in January 2023, following 8% a month earlier.
In its bulletin on monetary statistics for the month of January 2023, BAM specifies that the acceleration in the annual growth of the M3 aggregate mainly reflects an increase to 11.2% following 10.8% in fiduciary circulation and to 33% following 14.9% of holdings in monetary UCITS (Undertakings for Collective Investment in Transferable Securities).
It also reflects a virtual stagnation in the growth rate of sight deposits with banks at 8.8%, and a slowdown in the decline from 5% to 4.6% of term deposits.
By institutional sector, the increase in household monetary assets, in addition to their fiat currency holdings, rose from 7.3% to 7.9%, reflecting a virtual stagnation in the growth of their demand deposits at 9.5%. and an attenuation of the decline in their futures accounts from 4.1% to 2.8%.
The growth of monetary assets of private non-financial corporations, for its part, accelerated from 7.7% to 11.1%, with an increase in their term accounts rising from 16.1% to 19.1% and an increase in their demand deposits of 9.2% following 9.3% the previous month.