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The Bank of Morocco reported that the monetary supply (M3) rose by an annual rate of 5.2 percent during the fourth quarter of 2023, compared to 7.1 percent in the previous quarter.
The Bank of Morocco explained in its report on monetary policy that this development reflects a slowdown in the pace of growth in demand deposits from 8.3 percent to 7.7 percent, linked in particular to a slowdown in the pace of increase in household deposits from 7.5 percent to 6.4 percent. percent, and term deposits slowed from 5.7 to 8.9 percent, which reflects the decline in public enterprise deposits to 28.2 percent, after growing by 40.7 percent.
In the same context, the pace of growth in cash circulation slowed from 11.9 percent to 11.4 percent, as well as the pace of growth in bonds of collective employment bodies for monetary transferable values, which declined by 2 percent after an increase of 23.6 percent.
As for deposits in foreign currencies, their decline worsened to 15.5 percent after 11.9 percent.
According to the main components, the slowdown in the rise in the monetary supply during the fourth quarter of 2025 includes a slowdown in the pace of growth of net debt on the central administration from 6.9 percent to 2 percent, and official reserve assets from 5.5 percent to 4.6 percent, compared to The rise in bank loans accelerated from 4.8 percent to 5.1 percent.
In the overall year, the pace of growth in the monetary supply (M3) slowed to 3.9 percent after 8 percent at the end of 2022, which reflects in particular the significant slowdown in the pace of demand deposits at banks to 6.9 percent after 8 8 percent, and the decline in term deposits worsened by 4.9 percent to 11.3 percent.