The dirham appreciates against the dollar but declines against the euro

09:46

The Moroccan dirham experienced contrasting movements against major currencies during the period from August 13 to 19, 2026. According to data from Bank Al-Maghrib (BAM), the national currency strengthened against the US dollar while losing ground against the euro.

This development occurs in a foreign exchange market characterized by the absence of auction operations and the maintenance of a high level of official reserve assets.

A 0.3% increase against the dollar

Between August 13 and 19, the dirham appreciated by 0.3% against the US dollar.

Conversely, the national currency recorded a depreciation of 0.5% against the euro. These movements reflect the respective evolutions of the two major currencies in international markets.

Bank Al-Maghrib specifies that no auction operations were conducted in the foreign exchange market during the considered period.

Reserves remain at a high level

Official reserve assets stood at 499.6 billion dirhams as of August 13, 2026.

The recorded level marks a slight decline of 0.2% over a week, but remains significantly higher than that observed a year earlier. Over twelve months, reserves thus show an increase of 22.4%.

This evolution serves as an important indicator of the country's ability to cover its external commitments and maintain the stability of its financial position.

Over 150 billion dirhams in daily interventions

During the same period, Bank Al-Maghrib's interventions averaged 150.4 billion dirhams per day.

These interventions are distributed among several refinancing instruments. The seven-day advances represent 55 billion dirhams, while longer-term repos reach 47.9 billion dirhams.

Guaranteed loans amount to 47.5 billion dirhams.

These operations enable the central bank to support the liquidity needs of the banking system and contribute to maintaining orderly monetary conditions.

Interbank rate remains at 2.25%

On the interbank market, the average daily trading volume was 4.2 billion dirhams.

The interbank rate remained stable at 2.25% during the period.

The combination of a stable interbank rate, a high level of official reserves, and an appreciation of the dirham against the dollar thus outlines a relatively stable monetary environment in mid-August.