Morocco’s Money Supply Grows 8% in June 2025

Morocco’s central bank, Bank Al Maghrib (BAM), has reported that the country’s money supply reached MAD 1.96 trillion ($ 219 billion) in June 2025, marking an 8% annual increase compared to 7.7% growth in May.

The bank attributed this acceleration to several key factors, including bank loans to non-financial sectors, which grew faster at 4.4%, up from 3.4% previously.

Official reserve assets jumped 11.1% compared to 8.4% in the previous period.

Meanwhile, net debt to the central administration declined at a slower pace, dropping from 1.1% to 0.9%.

The central bank explained that demand deposits at banks drove much of the money supply growth.

These deposits surged 11.7% compared to 10.2% in the previous month. However, BAM indicated that currency circulation slowed from 8.9% to 7%. Time deposits also cooled significantly, with growth falling from 7.5% to 3.2%.

Economic actors reduced their holdings of money market mutual fund securities. Growth in these holdings dropped sharply from 12.1% to 5.7%.

Different sectors showed varying patterns in their monetary assets. Public non-financial companies accelerated their monetary asset growth.

Households saw their monetary assets grow at a steady 6.2%, as their demand deposits remained stable, savings account growth slowed, and time deposits continued declining.

Private non-financial companies experienced slower growth in their monetary assets, which decelerated from 15.7% to 13.9%.

This happened because their time accounts and mutual fund holdings decreased, even though their term deposits increased.

The data reflects Morocco’s evolving financial landscape as different sectors adjust their cash and investment strategies throughout 2025.