Moroccan Dirham Gains 0.8% Against Euro in First Week of May 2026

The Moroccan dirham strengthened by 0.8 % against the euro and by 0.3 % against the US dollar during the week of 7‑13 May 2026, according to Bank Al‑Maghrib (BAM).

No auction‑type operations were carried out in the foreign‑exchange market during this period, as noted in the central bank’s weekly indicator bulletin.

Official Reserve Holdings

As of 8 May, total official reserves stood at MAD 468.6 billion, down 0.2 % from the previous week and 17.7 % lower year‑on‑year.

Bank Al‑Maghrib Interventions

Daily average interventions amounted to MAD 155.5 billion for the week, broken down as follows:

• 7‑day advances: MAD 55.4 billion
• Long‑term repos: MAD 50.3 billion
• Guaranteed loans: MAD 49.7 billion
• FX swaps: MAD 0.12 billion

Interbank Market Activity

The average daily turnover on the interbank market was MAD 1.8 billion, with the interbank rate fixed at 2.25 %.

Central Bank Liquidity Injection

On the 13 May auction (value date 14 May), the central bank injected MAD 62 billion in 7‑day advances.

Moroccan Stock Market (MASI) Performance

The MASI index slipped 0.2 % over the same week. Notable sector moves were:

• Banking: –1.8 %
• Construction & Materials: –1.9 %
• Transport Services: –3.1 %
• Health: –5.3 %
• Mining: +15.2 %

Weekly Trading Volume

Weekly turnover rose from MAD 934 million to MAD 1.4 billion, mainly on the central “Equities” market.