Global Economy
Moroccan Dirham Gains 0.5% Against the Dollar in the Week Ending Dec 24 2025
During the week of 18‑24 December 2025, the Moroccan dirham appreciated by 0.5 % against the U.S. dollar while slipping 0.1 % against the euro, according to Bank Al-Maghrib (BAM). Official foreign‑exchange reserves rose to 438.2 billion MAD, up 0.5 % week‑over‑week and 17.4 % year‑over‑year, as the central bank logged an average daily intervention of 157.4 billion MAD across short‑term advances, longer‑term repos and guaranteed loans.
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Bank Al‑Maghrib (BAM) released its weekly foreign‑exchange bulletin covering 18‑24 December 2025. The key take‑aways are summarized below:
Currency Movement
- USD/MAD: The dirham appreciated 0.5 % against the U.S. dollar.
- EUR/MAD: The dirham slipped 0.1 % against the euro.
Official Reserves
Official foreign‑exchange reserves stood at 438.2 billion MAD as of 19 December, up 0.5 % from the previous week and 17.4 % on a year‑on‑year basis.
Central‑Bank Interventions
Average daily interventions amounted to 157.4 billion MAD, broken down as follows:
- 7‑day advances: 67.5 billion MAD
- Long‑term repos (pensions delivered): 51.4 billion MAD
- Guaranteed loans: 38.5 billion MAD
Inter‑bank Market Activity
The inter‑bank market recorded an average daily turnover of 5.7 billion MAD, with the inter‑bank rate set at 2.25 %.
Special Operations
On the 24 December tender (value date 25 December), BAM injected 69.3 billion MAD in 7‑day advances.
For further details, refer to BAM’s weekly indicator bulletin.