Moroccan Dirham Strengthens Against Dollar and Euro

The Moroccan Dirham experienced an appreciation against major global currencies during the first week of July 2026. The national currency gained 0.4 percent against the US Dollar and 0.2 percent against the Euro, according to Bank Al-Maghrib's weekly financial indicators report.

During this period, from July 2 to July 8, the central bank did not conduct any foreign exchange tenders. This suggests a stable market environment or a deliberate non-interventionist stance by the bank regarding currency auctions.

Morocco's official reserve assets reached a significant level of 498.2 billion Dirhams as of July 3. This figure represents a 0.5 percent increase compared to the previous week and a substantial 23 percent rise on an annual basis, indicating a strengthening of the country's foreign exchange reserves.

Bank Al-Maghrib's interventions in the interbank market averaged 148.5 billion Dirhams daily during the same period. These interventions comprised seven-day term advances totaling 53.5 billion Dirhams, longer-term repurchase operations valued at 49.6 billion Dirhams, and secured loans amounting to 45.4 billion Dirhams. The interbank trading volume averaged 2 billion Dirhams daily, with the interbank interest rate holding steady at 2.25 percent.