Key monetary statistics September 2014



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Transcription:

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 2014. 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 2014. 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.

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 2014. 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 2014. 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 -14.2 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.

Key indicators of monetary statistics Outstanding amount (%) Million DH Sep-14 Aug-14 Dec-13 Sep-13 Aug-14 Dec-13 # M1 649 672 7 683 20 731 30 169 1,2 3,3 4,9 M2 776 823 8 010 27 560 38 990 1,0 3,7 5,3 M3 1 059 225 6 661 36 058 53 271 0,6 3,5 5,3 Liquid investment aggregate 443 271-881 30 563 53 492-0,2 7,4 13,7 Currency in circulation 181 957 2 616 10 576 10 156 1,5 6,2 5,9 Banking deposits 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 -891 4 493-0,1-0,6 3,1 Securities of money market UCITS 59 404-6 109-2 255 3 264-9,3-3,7 5,8 Net international reserves 176 415 820 26 148 30 603 0,5 17,4 21,0 Net claims on central government 134 080-4 242-15 201-23 131-3,1-10,2-14,7 Lending to the economy 876 250 8 872 17 151 43 639 1,0 2,0 5,2 Loans of other depository corporations (2) 764 638 7 554 8 070 32 427 1,0 1,1 4,4 Bank loans 757 164 10 386 10 155 31 354 1,4 1,4 4,3 By economic purpose Real estate loans 235 371 1 057 4 829 4 606 0,5 2,1 2,0 Home loans 167 207 959 7 087 7 823 0,6 4,4 4,9 Loans to property developers 64 512 384-4 049-4 244 0,6-5,9-6,2 Debtor accounts and overdraft facilities 183 969 2 566 8 687 3 288 1,4 5,0 1,8 Equipment loans 140 616 80 487 5 251 0,1 0,3 3,9 Consumer loans 43 852 239 3 501 3 375 0,5 8,7 8,3 Miscellaneous claims 101 253 4 860-15 729 3 526 5,0-13,4 3,6 Non-performing loans 52 102 1 584 8 380 11 307 3,1 19,2 27,7 By institutional sectors Other financial corporations 89 599 5 588-15 287 2 106 6,7-14,6 2,4 Public sector 45 908 1 545 1 604 3 541 3,5 3,6 8,4 Local government 12 454 8 141 650 0,1 1,1 5,5 Public nonfinancial corporations 33 453 1 537 1 463 2 891 4,8 4,6 9,5 Private sector 621 656 3 253 23 838 25 707 0,5 4,0 4,3 Other nonfinancial corporations 347 471 2 358 13 373 7 298 0,7 4,0 2,1 Households and NPISH (3) 274 186 894 10 465 18 410 0,3 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

Quarterly indicators Sep-14 Jun-14 Dec-13 Sep-13 Jun-14 Dec-13 # Sep-13 Bank loans by branch of economic activity 757 164 1 915 10 155 31 354 0,3 1,4 4,3 Construction 93 088-3 145-704 -4 210-3,3-0,8-4,3 Real estate loans 65 592-2 231-2 542-3 117-3,3-3,7-4,5 Manufacturing industries 91 083-160 2 091 8 524-0,2 +2,3 +10,3 Debtor accounts and overdraft facilities 57 666-601 2 560 5 397-1,0 +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 35 920 308 4 054 5 613 +0,9 +12,7 +18,5 Transportation and communication 28 408-311 -51 50-1,1-0,2 +0,2 Equipment loans 11 852 154-314 -1 074 +1,3-2,6-8,3 Debtor accounts and overdraft facilities 13 122-543 618 1 188-4,0 +4,9 +10,0 Financial activities 100 933-2 766-13 954 3 526-2,7-12,1 +3,6 Miscellaneous claims 84 717-1 852-14 540 1 839-2,1-14,6 +2,2 Claims of other financial corporations on nonfinancial sectors 357 693-5 872 18 097 31 330-1,6 5,3 9,6 Loans 117 445-5 527-2 235-540 -4,5-1,9-0,5 Private nonfinancial corporations 66 183-1 573 311 1 532-2,3 +0,5 +2,4 Finance companies 49 513 536 1 116 2 867 +1,1 +2,3 +6,1 Offshore banks 12 191-2 110-1 121-2 009-14,8-8,4-14,2 4 479-317 674 - +7,6 +17,7 Households 51 263-3 954-2 523-2 048-7,2-4,7-3,8 Finance companies 45 580-3 954-3 211-2 676-8,0-6,6-5,5 Microcredit associations * 5 600-692 640 - +14,1 +12,9 Securities 227 673-431 20 918 32 151-0,2 10,1 16,4 Central government 143 231-2 359 14 794 23 851-1,6 +11,5 +20,0 Bond UCITS 93 612-2 251 14 703 21 005-2,3 +18,6 +28,9 30 469 - -408 1 834 - -1,3 +6,4 12 664 - -315-162 - -2,4-1,3 Private nonfinancial corporations 69 994 2 385 3 922 5 562 +3,5 +5,9 +8,6 Bond UCITS 13 678 863 289 1 144 +6,7 +2,2 +9,1 Equity UCITS 10 596 964 1 744 2 810 +10,0 +19,7 +36,1 7 431 - -42 597 - -0,6 +8,7 33 621 - -138 261 - -0,4 +0,8 Public nonfinancial corporations 14 448-457 2 202 2 739-3,1 +18,0 +23,4 Bond UCITS 9 002-409 1 767 2 317-4,3 +24,4 +34,7 3 274 - -75-17 - -2,2-0,5 (*) Revised figures Outstanding amount (%) Million DH

Chart 1: Annual change in M3 Chart 2:Annual change in M3 components Outstanding amount in million dirhams 1 075 000 1 050 000 1 025 000 1 000 000 975 000 7 6 5 4 10 8 6 4 2 0 950 000 3 925 000 900 000 2-2 -4 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 180 000 170 000 160 000 150 000 140 000 25 130 000-25 20 15 10 5 0-5 -10-15 -20 23 19 15 11 7 3-1 -5-9 Bank loans Consumer loans Debtor accounts and overdraft facilities Equipment loans Real estate loans