The Moroccan dirham experienced a depreciation against major currencies in October 2026. According to Bank Al-Maghrib (BAM), the country's central bank, the dirham fell 3.7% against the US dollar and 1.2% against the euro between September and October 2026. This development was reported in BAM's recent Monthly Review of Economic, Monetary, and Financial Conditions.
The depreciation of the dirham against the US dollar was more significant than against the euro. The central bank noted that the euro itself depreciated by 2.6% against the US dollar during the same period. These fluctuations reflect broader trends in the foreign exchange market and may impact Morocco's trade and economic activities.
The volume of foreign exchange transactions against the dirham on the interbank market increased significantly in August 2026. According to BAM, this volume grew by 88.1% compared to the same month in the previous year, reaching 29.6 billion dirhams (MMDH). This surge indicates heightened activity in the foreign exchange market.
Transactions between banks and their clients also showed notable changes in August 2026. The cash purchases by clients amounted to 33.9 MMDH, up from 32.2 MMDH in the same period of the previous year. Meanwhile, term purchases totaled 18.6 MMDH, compared to 14.9 MMDH previously. These figures suggest variations in demand for foreign currencies among clients.
Sales of foreign currencies by banks to their clients also exhibited changes. Cash sales amounted to 36.3 MMDH, up from 30.7 MMDH, and term sales were 2.3 MMDH, compared to 1.4 MMDH in the previous year. These trends may reflect adjustments in clients' foreign currency needs.
The developments in the foreign exchange market are closely monitored by the central bank and other financial authorities. The fluctuations in the dirham's value and the volume of transactions can influence Morocco's economic conditions, including inflation, trade balance, and investment flows.
The Moroccan dirham's depreciation and the increased volume of foreign exchange transactions may have implications for the country's economic outlook. Stakeholders, including policymakers and businesses, will likely be watching these trends closely to assess their potential impact on the economy.
Key points
- The dirham depreciated by 3.7% against the US dollar and 1.2% against the euro between September and October 2026.
- The volume of foreign exchange transactions against the dirham on the interbank market increased by 88.1% in August 2026 compared to the same month in the previous year.
- The changes in the dirham's value and foreign exchange transactions may influence Morocco's economic conditions, including inflation and trade balance.
