Morocco's foreign exchange reserves have achieved a historic milestone, surpassing 500 billion dirhams. As of September 18, 2026, the country's official reserves stood at 503 billion dirhams, marking a 0.6% increase from the previous week and a 21% rise compared to the same period in 2025. This growth is attributed to the strong performance of various export sectors, including the automotive and aerospace industries, as well as phosphate fertilizers and, to a lesser extent, agriculture and food industries.
The positive performance of these export sectors has enabled Morocco to cover its imports for over six months, despite the challenging international supply chain environment due to the wars in the Middle East and Ukraine. However, the dirham experienced a decline of 0.3% against the US dollar and 1.5% against the euro during the period from September 17 to 23, 2026.
Bank Al-Maghrib's daily interventions averaged 149.6 billion dirhams during the same period. These interventions were distributed among seven-day advances worth 54.2 billion dirhams, long-term repo operations amounting to 48.5 billion dirhams, and guaranteed loans totaling 46.9 billion dirhams. In the interbank market, the average daily trading volume was 3.5 billion dirhams, while the interbank rate remained stable at 2.25%.
The Moroccan government's budget has also shown signs of improvement, with the budget deficit narrowing to 58.6 billion dirhams at the end of August 2026, compared to 59.5 billion dirhams during the same period in the previous year. This decrease is primarily attributed to increased tax revenues, including income tax, corporate tax, and value-added tax.
The improvement in Morocco's economic indicators has been accompanied by a decline in the country's debt. However, the central bank's efforts to maintain financial stability continue, with a focus on managing inflation and supporting economic growth.
In other news, the National Press Council has addressed a controversy surrounding its chairman, Moukhtar Lgzioui, who denied allegations of working for the Israeli Liaison Office in Morocco. Lgzioui emphasized that he has never been employed by the Israeli office and threatened to take legal action against those spreading such claims.
The country's football team has also received a boost with the return of defender Achraf Hakimi, who will be available for the upcoming match against Lesotho in the 2027 Africa Cup of Nations qualifiers. Hakimi had been serving a one-match suspension imposed by the Confederation of African Football (CAF) following incidents during the 2025 Africa Cup of Nations final.
Key points
- Morocco's foreign exchange reserves have exceeded 500 billion dirhams, driven by strong export performance.
- The country's budget deficit has narrowed to 58.6 billion dirhams at the end of August 2026.
- The dirham has experienced a decline against major currencies, while the central bank continues to intervene in the foreign exchange market.