Dirham strengthens amid stable interbank rates

Moroccan Dirham Gains Ground Against US Dollar

Currency Fluctuations Reflect Market Activity

The Moroccan dirham experienced a slight appreciation against the US dollar by 0.6 percent during the week of July 17 to 23, 2025. Meanwhile, it depreciated by 0.3 percent against the euro over the same period, according to Bank Al-Maghrib (BAM).

No foreign exchange auction operations were conducted by the central bank during this timeframe. Official reserve assets stood at 405.2 billion dirhams on July 18, marking a 0.5 percent weekly increase and an impressive 11.9 percent year-on-year surge.

BAM's Intervention Strategy:

BAM's average daily interventions totaled 128 billion dirhams during the week. This included:

• 7-day advances: 49.5 billion dirhams
• Longer-term repos: 44 billion dirhams
• Guaranteed loans: 34.5 billion dirhams

Interbank trading averaged 3.5 billion dirhams per day, maintaining a stable rate of 2.25 percent. A liquidity injection of 51.4 billion dirhams was executed on July 23.