Bank al Maghrib announces an increase in the money supply (monetary aggregate M3) 6.7% last November, against 5% the previous month. An increase mainly attributable to the acceleration, to 11.6% after 9.2%, of the growth of net claims on the Central Administration, following the drawing by the Treasury on the precautionary and liquidity line for an amount of 21.1 billion dirhams.
The acceleration in the annual growth of the monetary aggregate M3 mainly reflects an increase of 8.9% after 7.2% in fiduciary circulation and an increase in holdings of money market UCITS securities of 25.6% after 13, 3%.
Bank credit to the non-financial sector recorded a slowdown in its growth to 6.1% in November 2022 against 6.3% last month. The slowdown covers a deceleration, from 10.3% to 9.3%, of the growth of loans to private companies, an attenuation of the decline, from 4% to 1.5%, of that of loans to public non-financial companies and an acceleration in the growth of loans to households from 3.5% to 3.8%.
By economic purpose, the trend in credit to the non-financial sector covers a deceleration from 18.8% to 17% in the growth of cash facilities and more particularly that of loans to private companies from 16.8% to 13.9 % and a slight slowdown in real estate loans from 2.7% to 2.5%, with an accentuation of the fall in loans for real estate development from 0.9% to 5.3% and stagnation in loans to the habitat at 2.9%.
Finally, according to central bank statistics, official reserve assets (AOR) increased by 6.8% after 5.9% in October 2022.
(With MAP)