(Bloomberg) -- Morocco’s central bank said it would begin buying back extra foreign currency held by local banks starting Monday, in a move aimed at absorbing what it described as the “current surplus.”

The purchases would be through auctions to be held as often as needed, Bank al-Maghrib said in a statement.

Local banks’ holdings of foreign currency have stood at more than 10 billion dirhams for several weeks -- their highest level this year -- as a surge in worker remittances and relaxed summer travel restrictions outweighed local demand.

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