Morocco’s broad money supply M3 stood at 1,982.14 billion dirhams in October 2025, posting annual growth of 7.4 percent, down from 7.8 percent in September, Bank Al Maghrib said in its monetary statistics bulletin.
The central bank attributed the trend mainly to slower growth in net claims by depository institutions on the central government, which eased to 0.3 percent from 1.4 percent, alongside an ускорение in bank lending to the nonfinancial sector, which rose to 3.6 percent from 3.0 percent.
Official reserve assets expanded at a faster pace, up 19.6 percent year on year compared with 14.1 percent previously, supporting external buffers.
Money supply dynamics reflected mixed movements across components. Cash in circulation increased 11.7 percent, while demand deposits maintained growth of 10.2 percent. Time deposits rose 1.4 percent and savings deposits 1.9 percent. Holdings in money market funds slowed to 9.1 percent.
By institutional sector, household monetary assets excluding cash were almost flat at 6.5 percent.
Private nonfinancial companies posted stronger growth of 10.8 percent, driven by demand deposits and a slower contraction in time deposits, while their money market fund holdings decelerated to 12.7 percent. State owned nonfinancial firms saw a slowdown in monetary asset growth as deposit expansion softened.
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