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Morocco's Central Bank Reserves Surge to $503 Billion, Dirham Weakening in September
Bank Al-Maghrib reported a 0.6% weekly and 21% annual increase in official reserves, reaching 503 billion dirhams on September 18, 2026. The Moroccan dirham weakened 0.3% against the euro and 1.5% versus the US dollar during September 17-23, 2026, amid active daily interventions and a mixed performance in Casablanca's stock market.
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Morocco's Central Bank Reserves Reach 503 Billion Dirhams Amid Currency Pressure
In a notable development for Morocco's economy, Bank Al-Maghrib (BAM) announced that official reserve holdings surged to 503 billion dirhams (MMDH) on September 18, 2026. This represents a 0.6% weekly increase and 21% annual growth, signaling renewed confidence in foreign exchange reserves despite short-term currency fluctuations.
Currency Moves and Interventions
During the week of September 17-23, the Moroccan dirham depreciated 0.3% against the euro and 1.5% versus the US dollar, according to BAM's latest weekly indicators bulletin. Notably, no currency auction operations took place during this period, suggesting a cautious approach by the central bank to stabilize the dirham amid external pressures.
BAM's daily interventions totaled 149.6 MMDH on average, broken down as follows:
- 7-day advances: 54.2 MMDH used to manage liquidity needs.
- Long-term pension deliveries: 48.5 MMDH supporting social security obligations.
- Guaranteed loans: 46.9 MMDH directed toward strategic economic sectors.
Interbank Market Dynamics
The interbank market showed steady activity with a daily average exchange volume of 3.5 MMDH and an interbank rate of 2.25%. In the September 23 auction (valued on September 24), BAM injected 63.7 MMDH via 7-day advances, further indicating active monetary management.
Casablanca Stock Exchange Updates
The MAS Index (MASI) gained 0.3% from September 18-23, 2026, reversing part of its -4.3% year-to-date decline. Sector performance varied:
- Mines index: Strong gains of 6.8%.
- Telecommunications index: Modest 1.2% rise.
- Construction sector: Declined 1%.
- Agri-food and production: Dropped 1.8%.
- Retailers: Down 2.4%.
- Insurance sector: Fell 1.7%.
Trading volume decreased from 1.6 MMDH to 1.3 MMDH, centered on the central actions market.
Broader Context
Recent BAM policy actions include maintaining the directorate rate at 2.25% and adjusting 2026 growth and inflation forecasts. The central bank's transparency amid political uncertainty reflects its commitment to economic stability during Morocco's evolving economic landscape.