Moroccan Dirham Fluctuations and Economic Indicators – March 1, 2026

The Moroccan dirham experienced a slight depreciation against the US dollar during the week of February 19-25, 2026, while remaining relatively stable against the euro, according to recent data from Bank Al-Maghrib (BAM). This comes as official reserve assets continue to rise, and the central bank maintains active intervention in the foreign exchange market.

Dirham Performance Against Major Currencies

BAM’s weekly indicators bulletin revealed a 0.4% depreciation of the dirham against the US dollar during the period of February 19 to 25. However, the dirham held steady against the euro. As of February 27, 2026, the exchange rates were as follows:

• 1 Euro: 10.8133 Moroccan Dirham
• 1 US Dollar: 9.1591 Moroccan Dirham
• 1 Pound Sterling: 12.344 Moroccan Dirham

These rates are based on transfer exchange rates as reported by Bank Al-Maghrib. Source: Bank Al-Maghrib

Bank Al-Maghrib Interventions and Reserves

Bank Al-Maghrib reported that no foreign exchange market auction operations were conducted during the week. Official reserve assets totaled 459.9 billion dirhams as of February 20, 2026, representing a 0.1% increase week-over-week and a substantial 24.8% increase year-on-year.

Interventions by Bank Al-Maghrib during the week amounted to 150.8 billion dirhams, averaging a daily volume of this amount. These interventions included:

• 7-day advances: 53.8 billion dirhams
• Repos delivered over the longer term: 55.1 billion dirhams
• Guaranteed loans: 41.9 billion dirhams

The average daily volume of trade on the interbank market was MAD 3.2 billion, with the interbank rate standing at 2.25%.

On February 25, 2026, the Central Bank injected MAD 52.6 billion in the form of 7-day advances.

Stock Market Performance

The MASI, Morocco’s stock market index, experienced a decline of 0.9% between February 19 and 25, 2026, bringing its year-to-date performance down to a 1.7% decrease. Sector performance varied:

• Declines: Building and construction materials (-1.7%), Transport services (-2.4%), Banks (-0.6%), and Real estate participation and development (-4.2%)
• Gains: Mining (+3.5%) and Health (+2.8%)

Weekly trading volume decreased from 2.5 billion dirhams to 1.4 billion dirhams.

Moroccan Dirham and Exchange Rate Regime

The Moroccan dirham operates under a managed float exchange rate regime. Since 2018, Morocco has transitioned from a fixed exchange rate, with Bank Al-Maghrib setting the central rate daily based on a currency basket composed of 60% Euro and 40% US dollar. Source: The Money Converter

As of March 1, 2026, the USD/MAD exchange rate is 9.1337. Source: Google Finance