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Moroccan dirham strengthens against the dollar but weakens versus the euro
The Moroccan dirham recorded mixed movements on the foreign exchange market during the week from December 18 to 24, 2025, according to data released by Bank Al-Maghrib. Over this period, the national currency appreciated against the US dollar while showing a slight decline against the euro.
Central bank figures indicate that the dirham gained around 0.5 percent against the dollar, reflecting favorable market conditions, while it lost approximately 0.1 percent against the European currency. No foreign exchange auctions were conducted during the week, suggesting relative stability in market operations.
Morocco’s official foreign exchange reserves continued to improve, reaching more than 438 billion dirhams by December 19. This represents a weekly increase and a significant rise compared to the same period last year, strengthening the country’s external financial position.
Bank Al-Maghrib maintained its liquidity support to the banking system through various instruments, including short-term advances and longer-term refinancing operations. Meanwhile, activity on the interbank market remained stable, with interest rates holding at moderate levels.
On the stock market, the benchmark MASI index posted further gains, driven mainly by strong performances in construction materials and mining sectors, while telecommunications and health stocks recorded declines. Trading volumes remained high, reflecting sustained investor interest.
