Global Economy
Moroccan Dirham Gains 0.3% Against the US Dollar in the Week of July 9‑15
The Moroccan dirham rose modestly against the US dollar, gaining 0.3% and 0.2% against the euro during the week of 9‑15 July 2026. Bank Al-Maghrib reported no auction activity in the foreign‑exchange market, while official reserves stood at 495.5 billion dirhams, down 0.5% week‑over‑week but up 23% year‑over‑year.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Weekly Currency Overview
Dirham performance: The Moroccan dirham appreciated by 0.3% against the US dollar and 0.2% against the euro during the week of 9‑15 July 2026.
Foreign‑Exchange Market Activity
Bank Al‑Maghrib (BAM) reported that no auction operations took place in the foreign‑exchange market for the period, indicating a calm trading environment.
Official Reserve Position
As of 10 July, official reserve holdings stood at 495.5 billion dirhams (MMDH), a 0.5% decline from the previous week but a 23% increase year‑over‑year.
Central Bank Interventions
During the 9‑15 July window, BAM’s interventions averaged 132.7 MMDH per day, split into:
- 7‑day advances: 37.6 MMDH
- Longer‑term repos: 49.6 MMDH
- Guaranteed loans: 45.4 MMDH
Interbank Market Activity
The average daily turnover on the interbank market was 3.5 MMDH, with the interbank rate hovering around 2.25%.
Specific Auction on 15 July
On the 15 July auction (value date 16 July), the central bank injected 55.4 MMDH in 7‑day advances.
Key Takeaways
- Modest dirham appreciation suggests stable monetary conditions.
- Reserve growth year‑over‑year reinforces Morocco’s external buffer.
- Continued central‑bank liquidity support maintains market stability.