Morocco's central bank (Bank Al-Maghrib) announced that it will start buying hard currency from the local exchange market on Monday to absorb the surplus.
The Moroccan Central Bank said - in a statement - that it will implement tenders for the purchase of currencies, with the aim of absorbing the current surplus, and thus ensuring the proper functioning of the exchange market.
The Central Bank will organize tenders for the purchase of surplus foreign exchange periodically - as necessary - depending on the development of local exchange market conditions.
Remittances from Moroccans living abroad - one of the main sources of Morocco's inflows of hard currency - increased by 45.6% over the year ending last July, reaching 54 billion dirhams (6 billion dollars).
This helped offset some of the losses in the tourism sector due to COVID-19 restrictions.
On August 23, Morocco received $1.2 billion from the International Monetary Fund, with the aim of strengthening the kingdom's hard currency reserves.
Morocco's foreign exchange reserves amounted to 313 billion dirhams ($34.7 billion) at the end of last August, which is enough to cover 7 months of imports.