Morocco’s dirham appreciated 0.4% against the euro between May and June 2026 while depreciating 1% against the U.S. dollar, according to Bank Al-Maghrib’s July 2026 monthly review of economic, monetary, and financial conditions.
The central bank said the exchange rate movements reflected, in part, a 1.4% decline in the euro against the dollar over the same period.
On the interbank market, foreign exchange trading against the dirham rose 4.8% year over year in May to MAD 31.6 billion.
Customers’ forward purchases increased to MAD 21.3 billion from MAD 15.4 billion. Customers’ spot sales slipped to MAD 33.3 billion from MAD 34.2 billion, while customers’ forward sales rose to MAD 1.9 billion from MAD 1.2 billion.
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