Stability of the Dirham Against Major Currencies and Foreign Exchange Reserves Approaching 497 Billion Dirhams
Stability of the Moroccan Dirham Amid Currency Markets
The Moroccan dirham has remained largely stable against major foreign currencies during the week of July 23 to July 29, 2026, amid a stable foreign exchange market and continuous growth in the Kingdom’s official reserves, according to the latest data published by Bank Al-Maghrib.
In its weekly financial indicators report, the central bank notes that the dirham experienced only minor fluctuations against the U.S. dollar and the euro during this period. It also specifies that no auctions were conducted on the foreign exchange market that week.
Official foreign reserves continued to climb, reaching 496.8 billion dirhams as of July 24, 2026, reflecting an annual increase of 22.3%. This trend underscores Morocco’s growing capacity to meet its external financing needs and maintain the strength of its macroeconomic balances.
As for Bank Al-Maghrib’s interventions in the money market, the average daily volume amounted to 139.5 billion dirhams between July 23 and July 29. This figure includes 44.1 billion dirhams in seven-day advances, 47.9 billion dirhams in longer-term repurchase agreements, and 47.5 billion dirhams in secured loans.
In the interbank market, the average daily trading volume stabilized at 4.3 billion dirhams, while the interbank rate remained steady at 2.25%, reflecting stable liquidity conditions.
During its auction on July 29, with a maturity date set for July 31, Bank Al-Maghrib also injected 53.9 billion dirhams in liquidity in the form of seven-day advances.
These indicators illustrate the ongoing strategy of the central bank aimed at ensuring a sufficient level of liquidity within the banking system, maintaining the stability of the money market, and strengthening the Kingdom’s foreign reserves.
