Central Bank of Morocco: Key Monetary Statistics - September 2017

Transcription

1. Key monetary statistics September 2017 On a monthly basis , M3 aggregate in September 2017 rose by 0.4 percent to 1243 billion dirhams, mainly due to higher net international reserves and bank lending by 2.8 percent and 0.4 percent, respectively. The growth of the latter reflects a 0.7 percent increase in cash advances and 1.7 percent in equipment loans. Conversely, real estate and consumer loans fell by 0.2 percent. Year on year, M3 growth accelerated to 5.3 percent after 5 percent in August. This trend mainly reflects an increase in the growth rate of demand deposits with banks by 9.4 percent after 6.7 percent, and an easing of decrease in money market fund shares/units held by economic units to 4.8 percent after 5.8 percent. However, growth in bank money slowed down to 6.6 percent after 11.2 percent and time deposits showed a steeper decrease from 9 to 10.8 percent. By M3 counterpart, the decline of net international reserves eased from 11.7 to 10.4 percent, while net claims on the central government increased by 11.1 percent as against 10.6 percent. In contrast, the annual growth of bank lending decelerated to 4.5 percent after 5.1 percent, with a virtual stability in the growth rate of loans to the nonfinancial sector at 4.3 percent. By economic purpose, the trend in bank lending covers the deceleration of all its components, with the exception of cash advances, whose decline eased to 3 percent after 3.4 percent. Thus, the growth rate for equipment loans fell from 13.5 to 12.1 percent and from 3.7 to 3.4 percent for real estate loans. Similarly, consumer loans rose by 4.3 percent instead of 4.5 percent the previous month. By business sector, quarterly data as at end-September 2017 show a deceleration in bank lending by 4.5 percent, year on year, after 6.3 percent in June 2017. This trend is mainly due to the slowdown in loans to the “construction” sector by 0.4 percent after 3.8 percent and to the decline in loans for “manufacturing industries” by 0.7 percent after increasing by 0.4 percent in the previous quarter. On the other hand, loans granted to the “trade” sector increased by 8.3 percent after 5 percent and those granted to the “hotels” industry rose by 0.8 percent after a 3.2 percent decrease in June 2017. Similarly, the annual growth rate of loans granted from financial corporations other than banks1 to nonfinancial units2 decelerated to 3.8 percent in September, after 5.9 percent a quarter earlier. This trend includes a 9.7 percent decline in loans granted by offshore banks after a 10 percent increase, and a 5.6 percent growth instead of 5.1 percent for loans granted by financial corporations. By institutional sector, this slowdown reflects a deceleration in the growth of loans to private nonfinancial corporations from 3.9 percent to 0.5 percent and those to households from 8.2 percent to 8.1 percent. 1 2 Loans granted mainly by financial corporations, off-shore banks and microcredit associations. Other than the central government.
2. Key indicators of monetary statistics Million DH Outstanding amount September-17 M1 M2 M3 Liquid investment aggregate Currency in circulation Banking deposits included from broad money (1) Demand deposits with the banking system Time accounts and fixed-term bills Securities of money market UCITS Net international reserves Net claims on central government Lending to the economy Loans of other depository corporations(2) Bank loans By economic purpose Real estate loans Home loans Loans to property developers Debtor accounts and overdraft facilities Equipment loans Consumer loans Miscellaneous claims Non-performing loans By institutional sectors Other financial corporations Public sector Local government Public nonfinancial corporations Private sector Other nonfinancial corporations Households and NPISH(3) August-17 December-16 September-16 (3) Nonprofit Institutions Serving Households August-17 December-16 September-16 790 620 942 504 1 243 013 604 468 219 292 870 267 516 769 149 538 59 822 223 346 164 218 983 966 839 737 830 207 9 279 10 758 5 315 3 657 -5 653 9 422 14 311 -3 309 131 6 046 -816 6 945 3 405 3 118 38 737 44 417 40 599 17 371 16 049 17 421 20 157 -13 729 -848 -25 897 21 838 26 320 13 971 12 108 59 908 67 158 62 881 35 907 13 585 43 343 44 199 -18 187 -3 047 -25 799 16 441 49 596 32 728 35 475 1,2 ▲ 1,2 ▲ 0,4 ▲ 0,6 ▲ -2,5 ▼ 1,1 ▲ 2,8 ▲ -2,2 ▼ 0,2 ▲ 2,8 ▲ -0,5 ▼ 0,7 ▲ 0,4 ▲ 0,4 ▲ 5,2 ▲ 4,9 ▲ 3,4 ▲ 3,0 ▲ 7,9 ▲ 2,0 ▲ 4,1 ▲ -8,4 ▼ -1,4 ▼ -10,4 ▼ 15,3 ▲ 2,7 ▲ 1,7 ▲ 1,5 ▲ 8,2 ▲ 7,7 ▲ 5,3 ▲ 6,3 ▲ 6,6 ▲ 5,2 ▲ 9,4 ▲ -10,8 ▼ -4,8 ▼ -10,4 ▼ 11,1 ▲ 5,3 ▲ 4,1 ▲ 4,5 ▲ 254 806 194 966 58 069 171 749 165 233 50 795 124 212 63 411 -411 435 -660 1 173 2 703 -80 100 -366 7 906 6 605 2 559 -977 12 316 2 064 -11 254 2 054 8 294 8 858 50 -5 353 17 793 2 084 11 251 1 406 -0,2 ▼ 0,2 ▲ -1,1 ▼ 0,7 ▲ 1,7 ▲ -0,2 ▼ 0,1 ▲ -0,6 ▼ 3,2 ▲ 3,5 ▲ 4,6 ▲ -0,6 ▼ 8,1 ▲ 4,2 ▲ -8,3 ▼ 3,3 ▲ 3,4 ▲ 4,8 ▲ 0,1 ▲ -3,0 ▼ 12,1 ▲ 4,3 ▲ 10,0 ▲ 2,3 ▲ 111 908 67 414 15 461 51 953 650 885 329 188 321 697 219 3 637 522 3 115 -739 -1 524 785 -10 820 5 259 375 4 884 17 669 5 478 12 191 6 172 12 204 1 386 10 818 17 099 4 230 12 869 0,2 ▲ 5,7 ▲ 3,5 ▲ 6,4 ▲ -0,1 ▼ -0,5 ▼ 0,2 ▲ -8,8 ▼ 8,5 ▲ 2,5 ▲ 10,4 ▲ 2,8 ▲ 1,7 ▲ 3,9 ▲ 5,8 ▲ 22,1 ▲ 9,8 ▲ 26,3 ▲ 2,7 ▲ 1,3 ▲ 4,2 ▲ (1) All deposits opened by money-holding sectors with the banking system except regulated deposits and guarantee deposits. (2) Banks and monetary UCITS △ (%) △
3. Quarterly indicators Million DH Outstanding amount Sep-17 Bank loans by branch of economic activity Construction Real estate loans Manufacturing industries Debtor accounts and overdraft facilities Equipment loans Trade and repair of cars and household items Debtor accounts and overdraft facilities Transportation and communication Equipment loans Debtor accounts and overdraft facilities Financial activities Miscellaneous claims Claims of other financial corporations on nonfinancial sectors Loans Private nonfinancial corporations Finance companies Offshore banks * Caisse de Dépôts et de Gestion Households Finance companies * Microcredit associations Securities Central government Bond UCITS * Caisse de Dépôts et de Gestion Insurance and reinsurance companies Private nonfinancial corporations Bond UCITS Equity UCITS * Caisse de Dépôts et de Gestion Insurance and reinsurance companies * * Public nonfinancial corporations Bond UCITS Insurance and reinsurance companies (*) Recurring figures * △ (%) △ Jun-17 Dec-16 Jun-17 Sep-16 Sep-16 Dec-16 830 207 92 006 57 763 82 298 43 856 18 476 55 514 35 458 38 740 18 761 15 650 121 637 107 596 -11 956 -1 802 -1 712 -712 -1 042 -42 -374 -944 -1 847 5 001 -5 747 -14 534 -10 606 12 108 280 1 228 721 1 726 -562 3 313 1 587 5 472 7 656 -1 144 -11 794 -11 291 35 475 329 -2 562 -606 -3 272 -1 651 4 277 1 150 3 721 6 455 -2 136 4 088 7 562 -1,4 -1,9 -2,9 -0,9 -2,3 -0,2 -0,7 -2,6 -4,6 +36,3 -26,9 -10,7 -9,0 ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▼ ▲ ▼ ▼ ▼ 1,5 +0,3 +2,2 +0,9 +4,1 -3,0 +6,3 +4,7 +16,4 +68,9 -6,8 -8,8 -9,5 ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ ▼ ▼ ▼ 4,5 +0,4 -4,2 -0,7 -6,9 -8,2 +8,3 +3,4 +10,6 +52,5 -12,0 +3,5 +7,6 ▲ ▲ ▼ ▼ ▼ ▼ ▲ ▲ ▲ ▲ ▼ ▲ ▲ 500 089 132 704 72 748 51 109 11 878 9 058 59 896 53 039 6 626 5 769 -971 -1 638 -409 -1 229 667 667 - 12 596 1 675 -2 438 -987 -2 170 630 3 963 3 699 243 30 876 4 900 371 1 103 -1 269 603 4 299 4 391 68 1,2 -0,7 -2,2 -0,8 -9,4 +1,1 +1,3 - ▲ ▼ ▼ ▼ ▼ 2,6 1,3 -3,2 -1,9 -15,4 +7,5 +7,1 +7,5 +3,8 ▲ ▲ ▼ ▼ ▼ ▲ ▲ ▲ ▲ 6,6 3,8 +0,5 +2,2 -9,7 +7,1 +7,7 +9,0 +1,0 ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▲ 348 881 241 530 166 644 29 360 19 712 90 757 10 335 16 423 8 015 34 051 6 603 4 360 2 754 1 141 119 710 - 9 389 4 976 2 667 663 -460 4 234 714 3 201 -1 105 105 25 078 18 743 14 459 621 392 4 821 -1 080 5 550 -826 -1 585 1,9 +1,8 +1,7 +1,3 +1,2 +4,5 - ▲ ▲ ▲ 2,8 +2,1 +1,6 +2,3 -2,3 +4,9 +7,4 +24,2 -12,1 +0,3 ▲ ▲ ▲ ▲ ▼ ▲ ▲ ▲ ▼ ▲ 7,7 +8,4 +9,5 +2,2 +2,0 +5,6 -9,5 +51,0 -9,3 -4,4 ▲ ▲ ▲ ▲ ▲ ▲ ▼ ▲ ▼ ▼ 16 595 1 102 178 1 514 +7,1 ▲ +1,1 ▲ +10,0 ▲ 10 551 2 386 1 172 - 335 235 457 240 +12,5 ▲ - +3,3 ▲ +10,9 ▲ +4,5 ▲ +11,2 ▲ ▲ ▲ ▲ ▲ ▲
4. Chart 2 :Annual change in M3 components Chart 1: Annual change in M3 Annual growth rate (%) Outstanding amount in billion dirhams Annual growth rate (%) 18 8 1 250 1 225 16 14 1 200 7 1 175 12 10 1 150 6 1 125 8 6 1 100 4 5 1 075 1 050 2 0 1 025 4 1 000 -2 -4 975 3 950 -6 -8 Sep-15 925 900 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 2 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Liquid investment aggregate Other monetary assets Chart 4: Annual change in bank loans by economic purpose Chart 3: Change in Net international reserves Outstanding amount in billion dirhams 260 Bank money Annual growth rate (%) 17 Annual growth rate (%) 40 14 250 240 30 11 20 8 230 220 210 10 200 5 2 190 0 180 -1 170 -10 -4 -20 -7 160 150 140 130 -30 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 -10 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Bank loans Debtor accounts and overdraft facilities Real estate loans Dec-16 Mar-17 Consumer loans Equipment loans Jun-17 Sep-17