Money supply grows 12.2% as bank lending to businesses and households accelerates
Bank Al-Maghrib data show broad money expanding at its fastest pace this year, driven by credit to the non-financial sector.
- M3 up 12.2% year on year in September (11.9% in August)
- Level: MAD 2,237.9 billion
- Credit to the non-financial sector: +11.2% (from 10.4%)
- Growth was 7.8% in September 2025
Morocco's broad money supply (M3) rose 12.2% year on year in September 2026, according to monetary statistics from Bank Al-Maghrib, the central bank. It was the fourth consecutive month of faster growth, bringing the total to MAD 2,237.9 billion.
| Month (2026) | M3 growth, year on year |
|---|---|
| June | 11.7% |
| July | 11.2% |
| August | 11.9% |
| September | 12.2% |
Credit is the engine
The main driver is lending. Bank credit to the non-financial sector — companies and households — accelerated from 10.4% to 11.2%. A year earlier, money supply was growing at only 7.8%, so the pace has picked up markedly in 2026.
Reading the numbers
Faster credit growth usually signals stronger investment and consumption. On its own, however, the money data does not say whether prices are rising faster, and it does not settle what the central bank will do with interest rates. Those questions will be clearer with the next inflation release and Bank Al-Maghrib's December policy meeting.