Morocco raised its holdings of US government bonds to $4.1 billion in December 2025, up from $3.2 billion a year earlier, according to Forbes Middle East.
The total dipped to $3.3 billion at the start of the year before rising again in the following months. The report says the move reflects a careful approach, focused on safe and easily traded US assets.
The increase of around $900 million represents a 28% rise over the year.
Why it matters
The country’s central bank, Bank Al Maghrib, uses these bonds as part of its foreign reserves.
Holding US assets helps support the Moroccan dirham, which is linked to a basket of currencies where the US dollar has a 40% share. It also helps cover imports, especially energy and food, which are paid for in dollars.
The strategy gives Morocco extra protection in case of market shocks or pressure on its currency.
Economic support
The rise in reserves has been helped by a strong year for tourism, steady money sent home by Moroccans living abroad, and higher foreign investment, particularly in car manufacturing and green energy.
Looking ahead, economic growth in 2026 is expected to be between 4.4% and 4.9%, supported by large public spending on infrastructure linked to the 2030 World Cup.
Inflation is expected to stay relatively low.
US interest rates have also stabilised. The Federal Reserve paused rate cuts in early 2026, keeping rates between 3.5% and 3.75%. That means Morocco can earn steady returns on its US holdings while keeping the money easy to access.
Regional picture
Across the Arab world, US Treasury holdings remain high.
Saudi Arabia held $149.5 billion at the end of 2025. The United Arab Emirates held $95.6 billion, and Kuwait held $66.1 billion.
Morocco’s total is much smaller, but it has grown steadily. Some other non-oil countries, including Egypt and South Africa, have taken different approaches, with changes driven by domestic economic pressures.
