The growth rate of the M3 aggregate, which represents the money supply, has accelerated to 8% in 2022, according to the recent Bank Al-Maghrib (BAM) report on monetary policy.
This development reflects in particular a net increase in the growth of currency from 6.5% in 2021 to 10.8% and demand deposits with banks to 8.9% after 7.6%, said the Central Bank.
By main counterparts, the money supply’s evolution reflects in particular the acceleration of 10.3% to 14.4% of the growth rate of net claims on the central government, and 5.1% to 6.7% of bank credit, while the growth of official reserve assets has returned from 8.2% to 4.9%, the same source said.
In the fourth quarter of the year 2022, the M3 aggregate showed an increase of 6.6%, following an acceleration in the pace of growth of cash from 7.1% to 9%.
