Morocco FX Analytics

Money and credit in Morocco: policy rate, M1/M2/M3

Name: Monetary aggregates and bank credit in Morocco
Creator: Morocco FX Analytics
License: https://creativecommons.org/licenses/by-nc/4.0/

Monetary policy: policy rate, monetary aggregates (M1, M2, M3), counterparts of broad money and bank credit breakdown. Data from Bank Al-Maghrib.

as of 2026-06 Data as of 2026-11-02

Policy rate

The rate on 7-day advances, set by the Board of Bank Al-Maghrib, Morocco's central bank. This is the tool through which the central bank steers the cost of credit, and therefore money creation (M3) and the price level (CPI). The chart below traces the full history of Board decisions.

Board decision history

Summary

Bank Al-Maghrib's policy rate has been 2.25% since March 20, 2025.

Previous rate: 2.50%.

Rate unchanged for 6 consecutive meetings.

Bank Al-Maghrib · Monetary policy decisions · Dec. 2006 — present

Money supply

M1 = currency in circulation (banknotes and coins) + sight deposits. M2 = M1 + savings deposits (passbook accounts). M3 = M2 + other monetary assets (term deposits, money-market UCITS, negotiable debt securities, repo agreements). M3 is also called broad money. A positive growth rate means more money is circulating in the economy, which tends to support domestic demand — and, all else equal, prices.

M1 / M2 / M3

Summary

As of June 2026, the M3 aggregate stood at 2,185.0 bn MAD and M1 at 1,662.8 bn.

M3 year-on-year change: 11.7%.

Above the average 2001–2026 (1,073.6).

Bank Al-Maghrib · Bn MAD · end-of-period outstanding

Counterparts of M3

Where does money come from? The money supply is the counterpart of deposit institutions' claims: domestic claims (bank credit + securities), net foreign assets (foreign exchange reserves), and net claims on central government. When bank lending accelerates, M3 grows. When foreign exchange reserves increase (e.g. after strong MRE remittances), the counterpart 'net foreign assets' (NFA) expands M3 correspondingly.

Counterparts

Summary

As of June 2026, claims on the economy stood at 1,602.1 bn MAD and net foreign assets at 539.7 bn.

Year on year, up 11.7%.

Above the average 2001–2026 (810.9).

Bank Al-Maghrib · Bn MAD · end-of-period outstanding

Bank credit

Bank credit to the economy broken down by purpose: equipment, real estate (housing + developers), cash facilities, consumer loans, and non-performing loans.

Credit by type

Summary

As of June 2026, total outstanding credit reached 1,301.8 bn MAD, including 344.2 bn in equipment and 329.3 bn in real estate.

Year on year, up 10.9%.

Above the average 2001–2026 (692.1).

Bank Al-Maghrib · Bn MAD · end-of-period outstanding

Credit structure ·

Compare to Y-1

Summary

Non-performing loans stood at 104.8 bn MAD as of June 2026, or 8.0% of total outstanding credit.

Bank Al-Maghrib · Bn MAD · end-of-period outstanding