Key monetary statistics September 2014

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Mitchell Robertson
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1 Key monetary statistics September 2014 On a monthly basis, the monetary aggregate M3 increased by 0.6 percent to 1,059 billion dirhams. This change is mainly due to the 1.4 percent increase in bank lending and, to a lesser extent, the 0.5 percent rise in net international reserves. Conversely, net claims on the central government showed a decrease of 3.1 percent, owing to lower Treasury bonds held by money market funds. The monthly growth in bank lending mainly reflects the increase by 1.4 percent in cash advances and 0.5 percent in both real estate and consumer loans. Similarly, financial loans rose at a monthly rate of 5.7 percent. Equipment loans remained virtually unchanged from August. By component, M3 growth results mostly from a rise of 1.5 percent in currency in circulation and 1.1 percent in bank money, particularly as demand deposits with the Treasury and those with banks were up 10.5 percent and 0.3 percent respectively. However, money market fund shares/units held by institutional sectors 1 showed a decline of 9.3 percent. Deposit accounts remained almost unchanged from the previous month. Year on year, M3 expanded by 5.3 percent after 3.9 percent in August This trend was reflected in the 4.5 percent increase, from 2.4 percent, in the growth rate of bank money, especially as demand deposits with the Treasury increased from 3.6 to 17.6 percent and those with banks from 2.3 to 3.2 percent. Currency in circulation increased by 5.9 percent, as against 3.2 percent in August In contrast, money market fund shares/units held by institutional sectors 1 grew less rapidly from 15.3 to 5.8 percent, while the growth rate in time deposits with banks stood at 3.1 percent from 3.3 percent a month earlier. Bank credit growth reflects stronger growth in all credit categories, with the exception of equipment loans whose expansion slowed down from 4.2 to 3.9 percent. Indeed, cash advances increased by 1.8 percent after declining 0.5 percent, and miscellaneous receivables from customers recorded an increase of 3.6 percent from 0.3 percent. Similarly, real estate loans grew by 2 percent, as against 1.8 percent in August, due to the less rapid decline in 1 Money holders.

1 percent, owing to lower Treasury bonds held by money market funds. The monthly growth in bank lending mainly reflects the increase by 1.4 percent in cash advances and 0.

2 property development loans from -7.7 to -6.2 percent, whereas home loans maintained the same pace as last month, at 4.9 percent. Consumer credit rose by 8.3 percent from 7.8 percent a month earlier. By institutional sector, the growth rate of lending to the private sector increased from 4.2 to 4.3 percent due to the increase in loans to households from 7.2 to 7.6 percent, while the growth rate of loans to private nonfinancial corporations was unchanged at 2.1 percent from the previous month. Loans to public nonfinancial corporations rose 9.5 percent after falling 4.9 percent in August. The quarterly breakdown of bank loans by economic activity in the third quarter 2014 shows an annual increase of 10.3 percent in loans to the manufacturing industry after 6.3 percent in the previous quarter. Conversely, loans to the electricity, gas and water sector grew less rapidly, from 19.2 to 16.7 percent, whereas those granted to the construction sector contracted by 4.3 percent after rising 3 percent in June The review of the quarterly analytical situation of other financial corporations (OFCs) shows an annual deceleration in their claims on the nonfinancial sector to 3.8 percent from 4.8 percent in June This development is attributed to the 3.7 percent decline of OFCs claims on households, after an increase of 2.2 percent a quarter earlier, particularly in connection with the merger of the subsidiary BMCI cons by the parent bank. In contrast, OFCs claims on private nonfinancial corporations were up 5.3 percent after 4.6 percent and those on public nonfinancial corporations rose by 21.7 percent after 18.6 percent a quarter earlier. The acceleration of OFCs claims on private nonfinancial corporations was mainly due to the increase from 12.4 to 20.1 percent in holdings of non-money market funds of securities issued by these corporations, as well as the expansion from 2.5 to 6.1 percent in loans granted to them by finance companies, mainly factoring companies. In contrast, the growth rate of loans distributed by offshore banks to private nonfinancial corporations was more negative at percent in September, from -3.7 percent. The growth rate of OFCs claims on the central government accelerated from 16.7 percent in June to 19.2 percent in September, mainly due to the increase in Treasury bonds held by bond funds from 24.5 to 28.9 percent.

6 percent, while the growth rate of loans to private nonfinancial corporations was unchanged at 2.1 percent from the previous month. Loans to public nonfinancial corporations rose 9.

3 Key indicators of monetary statistics Outstanding amount (%) Million DH Sep-14 Aug-14 Dec-13 Sep-13 Aug-14 Dec-13 # M ,2 3,3 4,9 M ,0 3,7 5,3 M ,6 3,5 5,3 Liquid investment aggregate ,2 7,4 13,7 Currency in circulation ,5 6,2 5,9 Banking deposits included from broad money (1) ,4 2,6 4,8 Demand deposits with the banking system ,3 0,4 3,2 Time accounts and fixed-term bills ,1-0,6 3,1 Securities of money market UCITS ,3-3,7 5,8 Net international reserves ,5 17,4 21,0 Net claims on central government ,1-10,2-14,7 Lending to the economy ,0 2,0 5,2 Loans of other depository corporations (2) ,0 1,1 4,4 Bank loans ,4 1,4 4,3 By economic purpose Real estate loans ,5 2,1 2,0 Home loans ,6 4,4 4,9 Loans to property developers ,6-5,9-6,2 Debtor accounts and overdraft facilities ,4 5,0 1,8 Equipment loans ,1 0,3 3,9 Consumer loans ,5 8,7 8,3 Miscellaneous claims ,0-13,4 3,6 Non-performing loans ,1 19,2 27,7 By institutional sectors Other financial corporations ,7-14,6 2,4 Public sector ,5 3,6 8,4 Local government ,1 1,1 5,5 Public nonfinancial corporations ,8 4,6 9,5 Private sector ,5 4,0 4,3 Other nonfinancial corporations ,7 4,0 2,1 Households and NPISH (3) ,3 4,0 7,2 (1) All deposits opened by money-holding sectors with the banking system except regulated deposits and guarantee deposits. (2) Banks et monetary UCITS (3) Nonprofit Institutions Serving Households Sep-13

included from broad money (1) 734 253 2 874 18 463 33 623 0,4 2,6 4,8 Demand deposits with the banking system 418 329 1 088 1 760 13 083 0,3 0,4 3,2 Time accounts and fixed-term bills 151 761-228

4 Quarterly indicators Sep-14 Jun-14 Dec-13 Sep-13 Jun-14 Dec-13 # Sep-13 Bank loans by branch of economic activity ,3 1,4 4,3 Construction ,3-0,8-4,3 Real estate loans ,3-3,7-4,5 Manufacturing industries ,2 +2,3 +10,3 Debtor accounts and overdraft facilities ,0 +4,6 +10,3 Equipment loans ,9-12,8 +1,1 Trade and repair of cars and household items ,4 +9,4 +16,4 Debtor accounts and overdraft facilities ,9 +12,7 +18,5 Transportation and communication ,1-0,2 +0,2 Equipment loans ,3-2,6-8,3 Debtor accounts and overdraft facilities ,0 +4,9 +10,0 Financial activities ,7-12,1 +3,6 Miscellaneous claims ,1-14,6 +2,2 Claims of other financial corporations on nonfinancial sectors ,6 5,3 9,6 Loans ,5-1,9-0,5 Private nonfinancial corporations ,3 +0,5 +2,4 Finance companies ,1 +2,3 +6,1 Offshore banks ,8-8,4-14, ,6 +17,7 Households ,2-4,7-3,8 Finance companies ,0-6,6-5,5 Microcredit associations * ,1 +12,9 Securities ,2 10,1 16,4 Central government ,6 +11,5 +20,0 Bond UCITS ,3 +18,6 +28, ,3 +6, ,4-1,3 Private nonfinancial corporations ,5 +5,9 +8,6 Bond UCITS ,7 +2,2 +9,1 Equity UCITS ,0 +19,7 +36, ,6 +8, ,4 +0,8 Public nonfinancial corporations ,1 +18,0 +23,4 Bond UCITS ,3 +24,4 +34, ,2-0,5 (*) Revised figures Outstanding amount (%) Million DH

397-1,0 +4,6 +10,3 Equipment loans 20 380-825 -2 980 225-3,9-12,8 +1,1 Trade and repair of cars and household items 50 849 202 4 370 7 150 +0,4 +9,4 +16,4 Debtor accounts and overdraft facilities 35

5 Chart 1: Annual change in M3 Chart 2:Annual change in M3 components Outstanding amount in million dirhams Liquid investment aggregate Bank money Other monetary assets Chart 3: Change in Net international reserves Chart 4: Annual change in bank loans by economic purpose Outstanding amount in million dirhams Bank loans Consumer loans Debtor accounts and overdraft facilities Equipment loans Real estate loans

reserves Chart 4: Annual change in bank loans by economic purpose Outstanding amount in million dirhams 180 000 170 000 160 000 150 000 140 000 25 130

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