Rabat — The Moroccan dirham recorded contrasting trends between June and July 2025, according to the latest monthly review of economic, monetary, and financial developments by Bank Al-Maghrib (BAM).
During this period, the dirham strengthened by 1.3% against the US dollar but slipped 0.2% in value against the euro.
These shifts came as the euro itself rose by 1.5% against the dollar.
BAM noted that the central bank has not held any foreign currency auctions since December 2021.
Activity on the interbank market fell sharply, with transactions of foreign currency against dirhams totaling MAD 23.1 billion ($2.31 billion) in July, a drop of 48.2% compared with the same month last year.
Interactions between banks and their clients showed a different pattern. Spot purchases climbed to MAD 41.4 billion ($4.14 billion), up from MAD 37.7 billion ($3.77 billion) the previous year, while forward purchases reached MAD 23.3 billion ($2.33 billion), higher than MAD 17.9 billion ($1.79 billion) in July 2024.
On the sales side, spot operations totaled MAD 41.2 billion ($4.12 billion), above last year’s MAD 36.9 billion ($3.69 billion).
Forward sales also edged up slightly, from MAD 1.9 billion ($190 million) to MAD 2.2 billion ($220 million) year-on-year.
The figures suggest a cautious but steady adjustment in Morocco’s foreign exchange market, reflecting domestic dynamics and the shifting influence of major international currencies.
