Moroccan Dirham Falls Against Euro as Exchange Rates Shift
The dirham edged lower against the euro while remaining virtually stable against the dollar, according to the latest weekly indicators from Bank Al-Maghrib.
Between 23 and 29 July 2026, the euro’s reference rate rose from 10,678 to 10,681 dirhams. The European currency had previously fallen to 10,660 dirhams on 24 July, before recovering during the following sessions.
On Bladi.net : Moroccan dirham weakens euro exchange rate June 2026
For an exchange of 1,000 euros, this change represents 10,681 dirhams, compared with 10,678 dirhams at the beginning of the period.
Against the dollar, the movement also remained very limited. The greenback rose from 9,374 to 9,377 dirhams between 23 and 29 July. No auction operation was carried out on the foreign exchange market during this week.
This relative stability is supported by a high level of foreign currency reserves. As of 24 July, official reserve assets stood at 496.8 billion dirhams, unchanged over one week but up 22.3% year on year. At the end of June, they represented the equivalent of five months and twenty-five days of imports.
On Bladi.net : Moroccan Dirham Stable Euro Exchange Rate June 2026
The external environment nevertheless remains under pressure. In the first half of 2026, Morocco’s trade deficit widened by 23.5%, to 198.4 billion dirhams. Travel receipts nevertheless rose by 15.9%, to 64.9 billion, while transfers from MREs increased by 9.9%, to 61.5 billion dirhams.
