Foreign Currency: Strong Increase in Assets and Investments in 2025, Exceeding 396 Billion Dirhams

Foreign currency assets and investments recorded a 17% increase by the end of 2025, reaching more than 396.61 billion dirhams (MAD), according to data published by Bank Al-Maghrib (BAM).

This growth is notably explained by the strengthening of foreign exchange reserves, supported by the Treasury’s issuance of a €2 billion bond on the international financial market, the central bank specified in its report on the financial statements for the 2025 fiscal year.

Foreign currency-denominated assets now represent 64% of BAM’s total assets, compared with 61% a year earlier. A large share of these resources—89%—is invested in bonds.

In detail, the portfolio of trading securities surged by 33%, exceeding MAD 74.65 billion, while investment securities increased by 16%, reaching MAD 276.77 billion.

Moreover, the central bank maintained an allocation of foreign currency assets and investments broadly aligned with the composition of the dirham’s reference basket.

In terms of environmentally and socially responsible (ESG) asset allocation, their share within foreign exchange reserves rose from 11.4% in 2024 to 15.6% by the end of 2025.

Deposits and money market investments, for their part, declined by 12% to stand at MAD 24.91 billion, representing 6% of foreign currency assets and investments, compared with 8% a year earlier.

This decrease is mainly attributable to the reallocation of foreign currency cash holdings towards the investment portfolio.