MOROCCO · ECONOMY
Key Facts
- The country Morocco is a North African kingdom whose central bank, Bank Al-Maghrib, publishes the monthly money data.
- What happened Broad money (M3), the total money in the economy, grew 12.2% year on year in September 2026.
- The level It reached 2,237.9 billion dirhams (about US$228 billion), after 11.9% growth in August.
- The driver Bank credit to borrowers outside the financial industry sped up from 10.4% to 11.2% growth.
- The release The data point was due Tuesday 3 November 2026 for the period September.
Morocco’s broad money supply (M3) grew 12.2% in September 2026 from a year earlier, to 2,237.9 billion dirhams (about US$228 billion), according to Bank Al-Maghrib, the country’s central bank. That is faster than August, when growth was 11.9%.
For US readers, the figure shows a Moroccan economy where banks are lending more quickly, a trend that matters to exporters, investors and anyone tracking a fast-growing North African economy. Our guide to why investors now rank Morocco ahead of South Africa gives the wider background.
What Happened
Money supply is the total amount of money circulating in an economy, including cash, bank deposits and other money-like savings. Bank Al-Maghrib, whose headline aggregate is M3 (the broad measure), reported that it rose 12.2% year on year in September 2026 and stood at 2,237.9 billion dirhams (about US$228 billion).
In August the growth rate was 11.9%. Our economic calendar labels this release ‘M2 Money Supply’.
A year earlier, in September 2025, money supply was growing 7.8%. The jump from 7.8% to 12.2% in twelve months shows how much faster money has built up in the economy.
Why Credit Is the Cause
Money supply grows mainly when banks lend, because a new loan creates a new deposit. Bank Al-Maghrib said bank credit to the non-financial sector (borrowers outside the financial industry) accelerated from 10.4% growth to 11.2% in September.
The data reviewed do not say what borrowers used the money for. The data do not break the lending down by borrower, so the size of the increase is the firm fact.
The Trend Through 2026
Growth has stayed in an 11% to 12% band for much of the year. Growth was 11.7% in June, 11.2% in July and 11.9% in August; September’s 12.2% is the fastest of those four months.
The gain is small from month to month, but it points in one direction: more credit, more money.
What It Means for You
For investors, faster money growth backed by rising bank lending signals strong demand for credit. Banks that lend more can earn more, though a credit boom also raises the risk that some loans go bad later.
For exporters and US firms selling into Morocco, firmer domestic demand can mean more local customers and bigger orders. Dollar values here use about 9.8 dirhams per US$, an approximate rate; Bank Al-Maghrib’s reference rate was 9.68 to 9.98 per US$ in early October, so 1,000 dirhams are worth about US$102.
On inflation and interest rates, the usual link is that very fast money growth can push prices up and lead a central bank to keep borrowing costs higher. The figures we reviewed do not say whether that is happening in Morocco, so we draw no conclusion on prices or on the next rate decision.
Travelers need not change plans, because the data do not affect visitors directly. Those who send money to Morocco or hold dirham accounts should note that the dirham moves against the dollar, and a 12% rise in money supply is one of many things that can matter for it.
What Would Change This Picture
Slower borrowing would bring money growth back toward the 11% level seen earlier this year. More borrowers falling behind on repayments would force banks to lend more cautiously.
A decision by Bank Al-Maghrib to raise borrowing costs would also cool lending. The next monthly reading, for October 2026, will show whether September was a peak or the start of a faster run.
What Is Not Known
The use of the new loans is not known to us, nor is how much of the growth comes from deposits abroad or from government borrowing. The figures rest on Bank Al-Maghrib’s September 2026 monetary statistics, as reported by Moroccan financial press.
The September 2025 level is not given in the reports we reviewed. The effect on inflation and on rates is not shown in these figures.
More: Morocco news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Did Morocco’s Money Supply Grow in September 2026?
Broad money (M3) grew 12.2% year on year to 2,237.9 billion dirhams (about US$228 billion). In August the growth rate was 11.9%.
What Caused the Faster Growth?
Bank credit to the non-financial sector accelerated from 10.4% to 11.2%. New loans create new deposits, which lifts the money supply.
What Is Money Supply?
It is the total amount of money in an economy, including cash and bank deposits. When it grows faster than output, prices can come under pressure.
Fact check 1: money supply growth, level and credit growth are Bank Al-Maghrib’s September 2026 monetary statistics, as reported by Moroccan financial press. Fact check 2: the June to August path was compared across sources.
Sources: Bank Al-Maghrib, monetary statistics for September 2026, 3 November 2026; economic calendar entry (listed as ‘M2 Money Supply’; the central bank’s headline aggregate is M3), Morocco, period September 2026; approximate dirham rate against the US dollar, with Bank Al-Maghrib’s reference rate of 9.68 to 9.98 per US$ in early October 2026.
Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error