Bank loans grew at their fastest pace since the fourth quarter of 2009, reaching 7.1 per cent year on year in
"The acceleration in credit growth through 2013 (average 5.5 per cent, compared with average 2.7 per cent in 2012), provides further evidence of the broader economic expansion in the
Key sectors, such as tourism and corporate services, are performing strongly, particularly in
Banks in the
"We expect the nominal growth of credit to remain at about 10 to 12 per cent in 2014 and 2015. The positive overall trend in employment and the retail sectors should continue to foster banks' retail loan books," said
Key monetary indicators showed that the overall domestic liquidity continued to improve with broad money supply (M2) up 22.5 per cent for the full year. Quasi money (foreign exchange and long-term dirham deposits) growth accelerated to 20.2 per cent in December, while M1(coins and notes in circulation and other liquid money equivalents) growth slowed to 26.9 per cent in December.
Government deposits continued to decline month on month through the fourth quarter, which is reflected in the slower M3 (M2 plus longer-term time deposits and money market funds with more than 24-hour maturity) growth over the same period. M3 was up 12.6 per cent in 2013 compared to 10.9 per cent in 2012.
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