Moroccan Dirham Edges Up 0.4% Against Euro as Bank Al-Maghrib Holds Steady

Bank Al-Maghrib Reports Dirham Gains Against Euro in Mid-March

According to the latest weekly indicators bulletin from Bank Al-Maghrib (BAM), the Moroccan dirham appreciated by 0.4% against the euro while slipping 0.1% versus the US dollar during the period from 12 to 18 March 2026.

The central bank noted that no foreign‑exchange adjudication operations were carried out in the spot market over the same week.

Official reserve holdings stood at 464 billion dirhams (MMDH) on 13 March, reflecting a 0.6% week‑on‑week increase and a robust 26.2% rise year‑on‑year.

BAM’s daily market interventions averaged 157.5 billion dirhams, broken down into 60.5 billion dirhams of seven‑day advances, 55.1 billion dirhams of longer‑term repurchase agreements and 41.9 billion dirhams of secured loans.

On the interbank market, the average daily trading volume was 2.9 billion dirhams and the interbank rate remained steady at 2.25%.

In the main auction of 18 March (value date 19 March), the central bank injected 63 billion dirhams in the form of seven‑day advances.

On the equity side, the MASI index climbed 2.1% over the week, trimming its year‑to‑date loss to 7.1%. Gains were led by the banking sector (+2.5%), construction and building materials (+3.1%), transport services (+4.4%) and telecommunications (+3.1%). Conversely, the mining and transport indices fell 1.7% and 1.2% respectively.

Weekly trading volume on the Casablanca Stock Exchange slipped from 2.6 billion to 2.0 billion dirhams, with activity concentrated on the central “Actions” market.