Dirham: Moroccan currency declines against the dollar and the euro

15:36

The dirham experienced a slight decline against major currencies during the last week of August. According to data from Bank Al-Maghrib (BAM), the national currency depreciated by 0.9% against the US dollar and by 0.2% against the euro between August 27 and September 2, 2026.

This development comes as the central bank continues to ensure liquidity in the banking system through various intervention mechanisms in the money market.

Dirham declines against the two major currencies

During the considered period, the dirham lost ground against the greenback, with a decrease of 0.9%, while its decline against the euro remained more limited, at 0.2%.

Despite this evolution, no auction operations were recorded in the foreign exchange market during the week in question, according to the weekly indicators bulletin published by Bank Al-Maghrib.

The evolution of the national currency's exchange rate should, however, be appreciated within the broader context of foreign exchange market management and the liquidity conditions of the Moroccan economy.

Official reserves exceed 500 billion dirhams

The official reserve assets continued to progress, reaching 500.1 billion dirhams as of August 28, representing an increase of 0.2% over one week.

Year-on-year, the increase is much more pronounced, reaching 21.8%. This level is an important indicator of the country's ability to cover its external needs and maintain the stability of its financial balances.

BAM maintains a high level of intervention

Meanwhile, Bank Al-Maghrib has maintained its operations aimed at providing liquidity to the banking system. The central bank's interventions averaged 154.9 billion dirhams per day during the studied period.

This amount is distributed among several instruments: 59.5 billion dirhams in seven-day advances, 48.5 billion in longer-term repos, and 46.9 billion in secured loans.

These interventions allow the central bank to support the funding needs of banking institutions and maintain liquidity conditions compatible with the functioning of the money market.

Interbank rate remains at 2.25%

In the interbank market, transactions averaged 3.5 billion dirhams per day. The interbank rate was set at 2.25%.

Bank Al-Maghrib also continued its liquidity injections during its weekly operations. Following the auction on September 2, with a value date set for September 3, the central bank injected 55.7 billion dirhams in the form of seven-day advances.

All of this data paints a picture of a money market characterized by regular support from the central bank, while the dirham operates under pressure against the dollar and, to a lesser extent, against the euro.