Moroccan Dirham: Why the Dollar Declined by 0.16% Against the MAD

Sunday 23 August 2026 - 13:19

The USD/MAD pair continued its decline during the week of August 10 to 14, 2026, in a context marked by favorable liquidity effects for the dirham. According to data from Attijari Global Research (AGR), the dollar decreased by 0.16% against the Moroccan currency, settling at 9.30 dirhams.

Dirham Supported by Liquidity Conditions

This evolution is primarily explained by the liquidity effect, which stood at -0.16% over the period. This indicator reflects an easing of liquidity conditions in the interbank foreign exchange market in Morocco, a movement that has helped support the dirham against the dollar.

Conversely, the basket effect remained perfectly neutral, at 0%. The variation of the USD/MAD pair during the week does not result from a significant movement related to the composition of the dirham's reference basket, but mainly from the conditions observed in the foreign exchange market.

Liquidity spreads recorded a relaxation of 16 basis points, reaching -2.7% by the end of the week, according to AGR's analysis.

A Foreign Exchange Market Regulated by Bank Al-Maghrib

The evolution of the dirham is part of the exchange regime adopted by Morocco. Since the reform initiated in 2018, the national currency has fluctuated within a band around a central rate determined based on a basket composed of the euro and the US dollar. The fluctuation band was widened to ±5% in March 2020.

This system allows the market to play a more significant role in determining the exchange rate while maintaining a framework designed to limit excessive movements. Bank Al-Maghrib also has various instruments to ensure the proper functioning of the foreign exchange market and preserve its liquidity when necessary.

An Evolution to Monitor for Operators

The level of 9.30 for the dollar constitutes an important benchmark for companies exposed to transactions in US dollars, particularly importers and those whose revenues or expenses are denominated in dollars.

Beyond the weekly variation, the evolution of the USD/MAD remains closely linked to the movements of the dollar in international markets, liquidity conditions in Morocco, and the outlook of major central banks. Attijari CIB regularly publishes analyses dedicated to foreign exchange markets and factors that may influence the trajectory of the dollar and the dirham.

The decline recorded between August 10 and 14 illustrates the influence of market conditions on the Moroccan currency, within an increasingly flexible exchange regime. For the coming weeks, the evolution of liquidity and the movements of the dollar against major international currencies will remain among the key indicators to watch.