In the second quarter of 2025, the Moroccan dirham posted a solid gain of 7.2% against the US dollar, while slipping slightly—by 0.7%—against the euro. This shift largely reflects the euro’s sharp rebound, which climbed 7.8% against the dollar compared to the previous quarter, according to the latest monetary policy report from Bank Al-Maghrib.
The dirham also strengthened against a number of emerging market currencies. It appreciated by 14.6% versus the Turkish lira, rose 6.5% against the Chinese yuan, and edged up 1% against the British pound during the first half of the year.
When adjusted for inflation differences between Morocco and its trading partners and competitors, the country’s effective exchange rate appreciated by 2% in nominal terms and 0.2% in real terms. This suggests that while the dirham gained strength on paper, its competitiveness remained largely stable in inflation-adjusted terms.
On the interbank foreign exchange market, total currency trading volumes dropped significantly, down 32% from the previous quarter to 23.1 billion dirhams in July. However, direct spot operations with clients showed more activity. Banks increased their foreign currency purchases by 12.5%, reaching 41.4 billion dirhams, while sales rose 16% to 41.2 billion.
Forward currency operations painted a more mixed picture. Purchases surged by 41.5%, hitting 23.3 billion dirhams, while forward sales plummeted by 46.3%, falling to just 2.2 billion. These contrasting trends highlight shifting hedging strategies and market expectations as investors navigate a rapidly evolving global currency landscape.
