Holdings of US Treasury securities attributed to investors residing in Morocco rose by more than MAD 10 billion over four months, reaching MAD 47.66 billion at the end of August, up from MAD 37.37 billion in April, according to US Treasury Department data.
The increase represented growth of 27.6% over the period, reflecting a continued rise in financial assets attributed to Morocco in the US public debt market.
Recent figures published by the US Treasury Department through its Treasury International Capital (TIC) reporting system put Morocco-attributed holdings at $4.906 billion at the end of August, compared with $4.777 billion in July. The monthly increase of $129 million, equivalent to approximately MAD 1.25 billion, represented growth of 2.7% and marked the fourth consecutive monthly rise.
Data reviewed by Hespress show that the portfolio’s value has climbed steadily since April, when it stood at $3.846 billion. Holdings increased to $4.181 billion in May, $4.603 billion in June and $4.777 billion in July, before reaching their August level. The cumulative increase over the four-month period was approximately $1.06 billion.
The reported holdings include US Treasury bills and bonds with different maturities, valued at market prices at the end of each month. Changes in their reported value can therefore reflect purchases and sales, repayment of maturing securities and fluctuations in financial market prices.
The increase does not necessarily indicate that investors made new investments of the same value. Part of the change may result from the revaluation of securities already held in investment portfolios as bond prices and yields fluctuate. The available data do not establish the net volume of purchases made by investors residing in Morocco.
Assets attributed to Morocco may include holdings associated with the state, Bank Al-Maghrib, banks and financial institutions, as well as private investors residing in the country. The US reporting system does not provide a breakdown that identifies the share held by each category, as its classifications rely on the country of residence of investors or financial intermediaries reporting the assets.
The US Treasury Department has also acknowledged limitations in the geographical attribution of securities, particularly when they are held through financial institutions or custodians based in other countries. In such cases, assets may be attributed to the country where the custodian is located rather than the country where the beneficial owner resides.
The increase in Morocco-attributed US Treasury holdings coincided with a rise in the country’s official reserve assets. Bank Al-Maghrib reported that these reserves reached MAD 515.7 billion on Oct. 2, up 23% year over year.
The published figures do not establish a direct link between the growth in official reserves and the increase in holdings of US government debt. The available data do not specify how these assets are distributed among institutions or investment instruments, while the US statistics cover both public- and private-sector investors.
The US Treasury Department is expected to release September data on Nov. 18, providing a further indication of whether the upward trend in holdings attributed to Morocco has continued. The portfolio’s reported value was approaching the $5 billion mark after increasing by more than $1 billion since April.
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