Investors based in Morocco held nearly $5bn in US government debt at the end of August, after increasing their holdings by more than $1bn in four months, according to new US Treasury data. The holdings reached $4.906bn in August 2026, up from $3.846bn in April, an increase of 27.6%. The latest figures were published on 16 October by the US Treasury’s Treasury International Capital (TIC) programme.
The total rose for a fourth consecutive month, reaching $4.181bn in May, $4.603bn in June and $4.777bn in July. The August figure was $129m higher than the previous month, a monthly increase of about 2.7%.
Investors based in Morocco made net purchases of $130m in US Treasury securities in August. That was down from $179m in July and $430m in June, when purchases peaked over the period covered by the supplied figures.
US Treasury securities are bonds and short-term bills issued by the American government to finance public spending. Their market value can change as interest rates and trading conditions shift.
The figures cover securities attributed to investors living in Morocco, rather than assets owned exclusively by the government or the central bank, Bank Al-Maghrib. They may include holdings by commercial banks, institutional investors and private investors.
The data are based largely on the country where securities are held through financial custodians. The US Treasury warns that this method cannot always identify the ultimate owner accurately, particularly when investments pass through intermediaries in other countries.
Morocco’s foreign exchange reserves reached 500.06bn dirhams, or about $50bn, in August 2026, according to the figures provided. The $4.906bn in US Treasury securities attributed to investors based in the country is equivalent to roughly 10% of that reserve total.
Foreign exchange reserves are assets held to help a country meet payments abroad and support financial stability. US government bonds are among the assets that international investors can use to hold money in dollar-denominated investments.
The increase in holdings comes amid inflows from tourism, remittances sent home by Moroccans living abroad, exports and foreign investment. However, the available data do not establish that these inflows directly funded the purchases or explain why investors increased their holdings.
The timing may also be significant for investors seeking returns on US government debt. The strongest monthly net purchases in the figures provided occurred in June, at $430m. But the data do not prove that investors were trying to lock in high yields ahead of expected US interest-rate cuts.
The increase in holdings attributed to Morocco coincided with a broader rise in foreign investment in US financial markets.
Foreign investors worldwide made net purchases of $300.7bn in long-term US securities in August, according to the US Treasury. The figure included $257.8bn in purchases by private investors and $42.9bn by official institutions.
The overall net inflow into US assets was $199.8bn during the month. This broader measure includes long-term securities, short-term US securities and banking flows, so it is not directly comparable with purchases of long-term securities alone.
Foreign investors reduced their holdings of US Treasury bills by $47.8bn in August. Their holdings of all dollar-denominated short-term US securities and other custody liabilities fell by $37.8bn. US banks’ own net dollar-denominated liabilities to foreign residents also decreased by $41.6bn.
Total foreign holdings of US Treasury securities stood at $9.33tn, according to the figures provided.
The latest data show that the value of US government debt attributed to investors based in Morocco has risen sharply since April. They do not reveal the precise share held by each type of investor or establish whether the increase reflects a lasting change in investment strategy.
The US Treasury is due to publish data for September on 18 November 2026.
