Significant Depreciation of the Moroccan Dirham in Late 2026
The Moroccan dirham has shown a significant decline in value, depreciating by 3.7% against the US dollar between September and October 2026. This information was disclosed in the latest Monthly Review of the Economic, Monetary and Financial Situation published by Bank Al-Maghrib (BAM). Additionally, the dirham fell by 1.2% against the euro during the same period, reflecting broader trends in currency exchange rates.
According to BAM, the depreciation of the dirham is part of a larger context where the euro itself has weakened by 2.6% against the US dollar. This trend highlights fluctuations in international currency markets, which have significant implications for Morocco's economic landscape.
In terms of foreign exchange activity, August 2026 saw a remarkable increase in transactions involving the dirham on the interbank market, with a staggering rise of 88.1% compared to the same month in the previous year. The total volume of these transactions reached 29.6 billion dirhams (MAD), marking a notable shift in trading dynamics.
Furthermore, the data reveals that customers' spot purchases amounted to MAD 33.9 billion in August, which is an increase from MAD 32.2 billion recorded a year earlier. Forward purchases also saw an uptick, rising to MAD 18.6 billion from MAD 14.9 billion in the previous year. On the sales side, the figures were equally telling, with spot transactions totaling MAD 36.3 billion, compared to MAD 30.7 billion in the same month of the previous year, and forward transactions increasing to MAD 2.3 billion from MAD 1.4 billion.
This depreciation of the dirham against major currencies is a critical point of concern for Moroccan policymakers and economists, as it could affect inflation rates, purchasing power, and overall economic stability. Stakeholders in the Moroccan economy will need to closely monitor these developments and consider strategic measures to mitigate potential adverse effects.
As reported by en.hespress.com.
