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Morocco's M3 growth slows to 2.8% y/y in December 2013

February 4, 2014

Morocco's broad money supply (M3) grew 2.8% y/y to MAD 1.02tn ( USD 123.2bn ) at end-December 2013 , easing from 3.9% y/y growth the month before, the central bank said in its monthly report. All of the M3's components recorded positive growth rates albeit at a slower pace including bank deposits, lending and FX reserves. Morocco's financial and external position has improved in H2 following a period of depleting FX reserves amid widening trade and current account deficits. In monthly terms, M3 rose 2.0% m/m, following a 0.6% contraction in November. M1 growth also eased to 2.2% y/y in December (up 1.2% m/m) from 4.0% a month earlier to MAD 625.7bn. M2 grew 3.2% y/y (down from 4.7% in November) to MAD 746.3bn, the central bank said. Bank lending strengthened in December rising 3.5% y/y and 3.0% m/m to MAD 744.2bn with private-sector's borrowing accounting for the bulk at MAD 599bn. Public-sector borrowing reached MAD 42bn at end-December. Real estate lending topped the list of economic sectors for borrowing in December rising 4.7% y/y despite falling 0.2% m/m to MAD 230.4bn. Bank deposits growth, however, eased to 3.5% y/y despite growing 3.0% m/m to MAD 744.2bn. Morocco's net FX reserves grew 3.8% y/y and 3.1% m/m to MAD 150.3bn at end-December.

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Source: IntelliNews - Weekly Reports

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