The central bank attributed the sharp increase to several factors, including stronger economic activity, a surge in tourism receipts boosted toward the end of the year by Morocco’s hosting of the 2025 Africa Cup of Nations (AFCON), and the launch in November of direct financial assistance to livestock farmers under the national herd reconstitution program.
Bank deposits also continued to expand, rising 7.4% during the year.
Demand deposits increased by 10.2% to 999.5 billion dirhams, while time deposits fell 4.7% to 114.2 billion dirhams.
Savings accounts grew at the same pace as in 2024, increasing 2.7% to 192.7 billion dirhams.
Household deposits rose 6% to 947.3 billion dirhams, including 222.8 billion dirhams held by Moroccans living abroad (MREs).
The increase reflected an 8.4% rise in current accounts and 2.7% growth in savings accounts, partly offset by a 5.7% decline in time deposits.
Deposits held by private non-financial companies reached 259.7 billion dirhams, up 10.1%, driven by a 13.3% increase in demand deposits despite a 19.1% drop in time deposits.
Taking these developments into account, along with an 8.7% increase in money market mutual fund holdings, the broad money aggregate M3 expanded 9.3% to 2.068 trillion dirhams, according to Bank Al-Maghrib.
