Moroccan Dirham Strengthens Against Dollar and Euro Amid Economic Challenges

Moroccan Dirham Strengthens Against Major Currencies

The Moroccan dirham has experienced a significant rise against the euro and the US dollar between May 7 and May 13, appreciating by 0.8% and 0.3%, respectively. As per the latest exchange rates from Bank Al-Maghrib, the dollar is currently valued at 9.22 dirhams, while the euro stands at 10.72 dirhams. This upward trend in the dirham’s value occurs against the backdrop of ongoing economic challenges.

Decline in Annual Reserve Assets

According to data from Bank Al-Maghrib, official reserve assets amounted to approximately 468.6 billion dirhams as of May 8, 2026, reflecting a weekly decline of 0.2%. Moreover, the annual decrease in reserve assets has been substantial, totaling 17.7%. These figures underscore the difficulties confronting the Moroccan economy at this time, highlighting a need for strategic financial management.

Bank Al-Maghrib’s Market Interventions and Financial Stability

During the same period, Bank Al-Maghrib implemented an average of 155.5 billion dirhams in daily market interventions. These interventions were spread across various categories, including 55.4 billion dirhams for short-term loans (7 days) and 50.3 billion dirhams for long-term repurchase operations. The bank also provided 49.7 billion dirhams in secured loans and 120 million dirhams for currency swaps.

Additionally, the average daily trading volume among banks reached 1.8 billion dirhams, while the interbank interest rate stabilized at 2.25%. These metrics indicate a relatively stable financial market in Morocco, despite the prevailing economic challenges, and reflect Bank Al-Maghrib’s commitment to ensuring liquidity and financial stability within the country.

BREADCRUMB_TITLE: Moroccan Dirham Update