Moroccan Dirham Fluctuations: A Late 2025 Review
Casablanca,Morocco – Recent data released by Bank Al-Maghrib (BAM) indicates subtle shifts in the value of the Moroccan dirham against major international currencies during the November-december 2025 period. The central bank’s Monthly Review of the economic,monetary,adn financial situation reveals a 1% appreciation of the dirham against the US dollar,while together experiencing a 0.3% depreciation against the euro.
These movements occur within a broader context of currency market dynamics, specifically the euro’s 1.3% appreciation against the US dollar. BAM has not held a currency auction session since December 2021, suggesting a hands-off approach to direct intervention in the foreign exchange market.
Interbank Market Activity Declines
The volume of currency exchanges against the dirham in the interbank market witnessed a notable annual decrease of 43.2%, totaling 22.8 billion Moroccan dirhams (MAD) in November 2025. This reduction suggests a potential slowdown in speculative trading or a shift towards other investment avenues.
Customer Transactions show Mixed Trends
Bank operations involving customers demonstrated a more nuanced picture. Spot purchases increased to MAD 33.1 billion in November 2025, up from MAD 32.9 billion in the same month the previous year. Term purchases also saw an increase, rising from MAD 18.4 billion to MAD 13.8 billion.
However,currency sales experienced a decline in cash transactions,falling from MAD 34.2 billion to MAD 31.7 billion. Conversely, sales in futures contracts increased, moving from MAD 1.9 billion to MAD 3.2 billion, possibly indicating a growing interest in hedging against future exchange rate volatility.
Implications and Outlook
The observed fluctuations in the dirham’s value, coupled with the changes in trading volumes, provide valuable insights into the current state of Morocco’s foreign exchange market. While the appreciation against the dollar is positive, the depreciation against the euro warrants continued monitoring. The decrease in interbank market activity could signal a period of stability or a reduced appetite for short-term currency speculation. Further analysis of BAM’s future reports will be crucial to understanding the long-term trends and potential implications for the Moroccan economy.
Keywords: Moroccan Dirham, Bank Al-Maghrib, BAM, currency Exchange Rate, Morocco Economy, MAD, USD, EUR, Foreign Exchange Market, Interbank Market, Currency Fluctuations.