Stocks Market
Moroccan Dirham Slips Against Euro and Dollar While Forex Reserves Climb to MAD 500.1 Billion
Morocco's national currency recorded a notable decline against major benchmarks between late August and early September 2026, losing 1.33% against the euro and 1.55% versus the US dollar. However, the country's international reserves remain robust, reaching MAD 500.1 billion as of August 28, a 21.8% year-on-year increase. Bank Al-Maghrib maintained active liquidity management with average daily injections of MAD 154.9 billion, while Treasury auctions saw subdued demand.
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Currency Market: Dirham Under Pressure
Between August 27 and September 7, 2026, the Moroccan dirham experienced a downward trajectory on the foreign exchange market. The national currency depreciated by 1.33% against the euro and 1.55% against the US dollar. Notably, no auction operations were conducted on the foreign exchange market during this period, meaning the depreciation occurred in a relatively thin trading environment.
Official Reserves Maintain Record Levels
Despite the currency's retreat, Morocco's external indicators continue to reflect exceptional strength. Official reserve assets reached MAD 500.1 billion as of August 28, 2026, marking a weekly increase of 0.2% and a substantial 21.8% year-on-year surge. This sustained accumulation underscores the country's solid external position and provides a meaningful buffer against currency volatility.
Bank Al-Maghrib's Liquidity Management
On the monetary policy front, Bank Al-Maghrib's total injection volume averaged MAD 154.9 billion per day between August 27 and September 2, 2026. The breakdown of these interventions includes:
- 7-day advances: MAD 59.5 billion
- Longer-term repurchase agreements (pensions livrées): MAD 48.5 billion
- Guaranteed loans: MAD 46.9 billion
Interbank market activity remained robust, with an average daily trading volume of MAD 3.5 billion and an interbank rate holding steady at 2.25%. During the September 2 tender, Bank Al-Maghrib injected an additional MAD 55.7 billion in 7-day advances.
Treasury Auction Results
The Treasury auction held on September 3, 2026, resulted in the retention of MAD 2.3 billion from a total offered amount of MAD 4.1 billion. Subscriptions were primarily concentrated in the 52-week maturity, which attracted MAD 1.5 billion at a rate of 2.22%, followed by the 2-year maturity with MAD 850 million at 2.42%. With no redemptions scheduled between September 3 and 9, the outstanding Treasury bill stock is projected to close the period at MAD 803.9 billion.