Change: The Dirham Depreciates Against the Dollar, Remains Stable Against the Euro

Bank Al-Maghrib Reports Exchange Rate Trends and Market Activity

Bank Al-Maghrib (BAM) recently indicated that during the week of February 19 to 25, the Moroccan dirham depreciated by 0.4% against the US dollar while remaining nearly stable against the euro.

In its latest weekly indicators report, BAM clarified that no auction operations were conducted in the foreign exchange market during this period.

As of February 20, official reserve assets stood at 459.9 billion dirhams (MAD), reflecting a week-over-week increase of 0.1% and a year-on-year surge of 24.8%.

In terms of BAM interventions, the average daily total reached 150.8 billion dirhams during the week. This volume comprised 7-day advances amounting to 53.8 billion MAD, longer-term repurchase agreements totaling 55.1 billion MAD, and secured loans of 41.9 billion MAD. On the interbank market, the average daily trading volume was 3.2 billion MAD, with the interbank rate at 2.25%.

In the auction held on February 25, 2026 (value date February 26, 2026), the central bank injected 52.6 billion MAD in the form of 7-day advances.

In the stock market, the MASI index declined by 0.9% from February 19 to 25, bringing its year-to-date underperformance to 1.7%. This downturn was primarily attributed to declines in the “Building and Construction Materials” index (-1.7%), “Transportation Services” (-2.4%), “Banks” (-0.6%), and “Real Estate Investment and Promotion” (-4.2%).

Conversely, the “Mining” and “Health” indices showed gains of 3.5% and 2.8%, respectively.

Regarding weekly trading volumes, there was a decrease from 2.5 billion MAD to 1.4 billion MAD from week to week.