Moroccan Dirham Exchange Update
In the latest currency updates, Bank Al-Maghrib reported that the Moroccan dirham experienced an increase of 7.2% against the US dollar, while it declined by 0.7% versus the euro during the second quarter of 2025.
According to Bank Al-Maghrib’s recent monetary policy report, this development is primarily attributed to a 7.8% rise in the euro against the US dollar in the same quarter compared to the previous one.
The national currency also appreciated by 14.6% against the Turkish lira, 6.5% against the Chinese yuan, and 1% against the British pound between the first and second quarters of 2025.
As a result, considering the inflation rate differences between Morocco and its main trading partners and competitors, the nominal effective exchange rate increased by 2%, while the real effective exchange rate rose by 0.2%.
Regarding transaction volumes, interbank exchanges against the dirham declined by 32% in July 2025 compared to the second quarter, totaling 23.1 billion dirhams.
However, cash transactions between banks and their clients saw significant growth, with purchases rising by 12.5% to reach 41.4 billion dirhams.
Conversely, sales jumped by 16%, amounting to 41.2 billion dirhams. For forward transactions, purchases rose by 41.5% to 23.3 billion dirhams, whereas sales decreased by 46.3%, totaling 2.2 billion dirhams.
