Money supply (aggregate M3) reached 1,750.8 billion dirhams (MMDH) in 2023, reflecting a 3.9% increase year-on-year, according to Bank Al-Maghrib's (BAM) recent annual report on the economic, monetary, and financial situation. By component, sight deposits with banks rose by 6.8%, while term deposits and foreign currency deposits decreased by 10.9% and 12.7%, respectively. Additionally, banknotes in circulation continued to grow robustly, with an increase of 10.9%. However, securities held by Undertakings for Collective Investment in Money Market Securities fell by 7.6%, while savings accounts rose by 1.8%. Data by institutional sector show that deposits by individuals increased by 3.6%, driven by rises of 5.4% in sight accounts and 1.9% in savings accounts, alongside a 4.3% decline in term deposits. Assets of private non-financial companies grew by 8.9%, mainly due to a 12.8% increase in sight deposits, while term deposits declined by 13.5%. Public companies experienced a 5.4% decrease in sight deposits and a significant 43.8% drop in term deposits.
