Morocco’s dirham has come under increasing pressure against the dollar and euro as a rising import bill shifts the domestic foreign-exchange market from abundant liquidity toward stronger demand for hard currency.
The dirham lost 1.5% against the dollar and 0.3% against the euro between Sept. 17 and 23, Bank Al-Maghrib said. The central bank conducted no foreign-currency auction during that period. Official reserves nevertheless stood at MAD 503 billion on Sept. 18, up 21% from a year earlier.
More revealing than a single week’s exchange-rate movement is the change inside the interbank market. The gap between the weighted-average interbank exchange rate and Bank Al-Maghrib’s central rate moved from -3.35% on June 1 to +1.51% on Oct. 2, a 4.86-point swing toward the weaker side of the dirham’s trading band.
A negative spread indicates that foreign currency is trading below the central reference rate; its move into positive territory points to tighter FX liquidity and greater demand for euros and dollars.
That shift comes as Morocco’s merchandise imports grow much faster than exports. Imports reached MAD 617.5 billion through August, up 15.8%, while exports rose 8.7% to MAD 334.9 billion. The trade deficit consequently widened 25.4% to MAD 282.6 billion, while the export coverage ratio fell from 57.7% to 54.2%.
Energy has been one major source of additional foreign-currency demand. Morocco’s energy import bill rose by roughly MAD 23.7 billion year on year, while crude sulfur imports also surged as purchases of equipment and other inputs increased.
Foreign-currency inflows remain substantial. Travel receipts reached MAD 97.9 billion through August, up 9.7%, while remittances from Moroccans abroad also increased.
The pressure therefore reflects a changing balance of flows rather than a shortage of reserves. Morocco’s ±5% exchange-rate band gives the dirham room to absorb that pressure without Bank Al-Maghrib defending a fixed level.
A sustained import-export gap could keep demand for foreign currency elevated even while tourism, remittances and reserves provide a substantial buffer.
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