Global Economy
Morocco's Foreign Exchange Reserves Surge to MAD 502 Billion in Early September
Morocco's official reserve assets reached MAD 502.1 billion as of September 4, 2026, marking a weekly increase of 0.4% and an impressive 21.1% year-over-year growth, according to Bank Al-Maghrib's latest weekly indicators. The dirham experienced slight depreciation against major currencies, losing 0.2% versus the US dollar and 0.7% against the euro during the September 3-9 period, while the central bank maintained active liquidity management operations totaling MAD 151.1 billion in daily interventions.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Central Bank Reports Strong Reserve Position
Morocco's financial position showed continued strength in early September 2026, with Bank Al-Maghrib (BAM) reporting official reserve assets of MAD 502.1 billion as of September 4. This represents a solid weekly gain of 0.4% compared to the previous week and a substantial 21.1% increase compared to the same period last year.
Currency Movements and Exchange Market Activity
During the week spanning September 3-9, 2026, the Moroccan dirham experienced modest depreciation against major international currencies. The national currency weakened by 0.2% relative to the US dollar and declined 0.7% against the euro. Notably, Bank Al-Maghrib conducted no auction operations on the foreign exchange market during this period.
Central Bank Liquidity Operations
BAM maintained an active stance in managing domestic liquidity, with interventions averaging MAD 151.1 billion on a daily basis throughout the review period. The breakdown of these operations included:
- Seven-day advances totaling MAD 55.7 billion
- Longer-term repo transactions amounting to MAD 48.5 billion
- Secured lending operations of MAD 46.9 billion
Interbank Market Dynamics
The interbank market showed moderate activity, with daily trading volumes averaging MAD 3.4 billion during the period. The interbank rate remained stable at 2.25%, reflecting controlled monetary conditions.
Latest Monetary Injection
In its most recent tender operation held on September 9 with a value date of September 10, the central bank injected MAD 54.6 billion into the banking system through seven-day advances, continuing its accommodative monetary policy stance to support economic activity and maintain adequate liquidity in the financial system.