The report, which includes data for 2019, shows that cash in circulation grew by 7.2 % in value in 2019 and 4.4% in value, a comparable figure to the previous year. In 2019 there were 1.8 billion banknotes and 2.8 billion coins in circulation.
Currency in circulation represents 29% of M1 and 23% of GDP. The latter figure is high by international standards and is comparable to Japan (21% in 2018) and significantly higher than in the Euro area (11% in 2018) or India (15% in 2020). Bank al Maghrib compares the ratio in countries with a similar growth rate and finds that Morocco is only surpassed by Algeria.
Source: Bank Al Maghrib
The banknote denomination mix is dominated by the two highest denominations. The DH 200 banknotes represents 52% and the DH 100 36% of the total volume. In value, the DH 200, represents 73% of the total circulation.
The number of counterfeit notes increased by 5.5% in 2019 to reach 9,575 pieces, with a value of 1.5 million dirhams versus 1.4 million dirhams in 2018. The counterfeit rate has continued to decline in 2019 and represents 5.2 counterfeits per million notes in circulation. The DH 200 is the most targeted denomination and represents 69% of detected counterfeits.
The overall number of digital payments increased by 4.8% compared to 2018 and amounted to nearly 272 million transactions, corresponding to a cumulative value of nearly 3,597 billion dirhams. This represents around 7.6 transactions per year and per person.
The report also highlights important progress in terms of financial inclusion, measured by access to financial services and the number of bank accounts. Regarding access, the central bank estimates that the number of financial services access points increased by 15% in 2019. This includes bank branches, bank agents, financial services providers as well as cash-in/cash-out ATMs. The number of cash-in/cash-out ATMs more than doubled in 2019. The total number of access points increased by 78% since 2013. In spite of overall progress, a significant gap persists between urban areas with one access point for 1,023 adults and rural areas with one access point for 9,245 adults. The number of bank accounts exceeded 24 million, recording a 4.4% growth in 2019 (for a population of 37 million).