Moroccan dirham stable against dollar and euro; reserves rise

The Moroccan dirham has maintained a stable exchange rate against both the US dollar and the Euro, according to Bank Al-Maghrib's weekly financial indicators. This stability was observed during the period from July 23 to July 29, 2026.

During this same week, the central bank did not conduct any foreign exchange market tenders, reflecting a steady market condition and no immediate need to support the national currency. This stability is further bolstered by a significant rise in official reserve assets, which reached approximately 496.8 billion dirhams as of July 24. This represents a substantial increase of 22.3% compared to the same period in the previous year, enhancing Morocco's capacity to manage external fluctuations and finance imports.

Bank Al-Maghrib actively managed market liquidity, with daily average interventions amounting to 139.5 billion dirhams between July 23 and 29. These interventions included seven-day advances totaling 44.1 billion dirhams, long-term repurchase operations valued at 47.9 billion dirhams, and secured loans of 47.5 billion dirhams.

The interbank market saw an average daily trading volume of 4.3 billion dirhams, with the interbank interest rate holding steady at 2.25%, aligning with the central bank's key interest rate. These indicators demonstrate Bank Al-Maghrib's ongoing monetary policy aimed at preserving the stability of the money market and ensuring adequate liquidity for the banking sector, while simultaneously maintaining the dirham's exchange rate and strengthening foreign currency reserves.