Moroccan Dirham: Decline for the fifth week against the Euro and the Dollar

The Moroccan dirham recorded a new decline against the euro and the US dollar during the week of September 24 to 30, 2026, in the fifth consecutive week of slippage, according to weekly indicators issued by Bank Al-Maghrib. The national currency fell 0.5% against the euro and 0.9% against the dollar, at a time when there was no intervention from the central bank through hard currency auctions. Weekly figures detail the euro's exchange rate closed at 10.998 dirhams over the weekend, versus 10.945 dirhams the week before. The dollar reached 9,682 dirhams. At the beginning of October, the trend continued to rise, with the euro reaching 11,083 dirhams and the dollar reaching 9,855 dirhams on October 2, 2026, according to data from Bank Al Maghrib. The evolution of the exchange rate of the euro and the dollar against the Moroccan dirham History The euro (in dirhams) The US dollar (in dirhams) 30 September 2026 10.998 9.682 2 October 2026 11.083 9.855 Cumulative decline since late August Since the start of this trend last August 27, the euro has risen cumulatively by about 2.06% against the dirham over the Five consecutive weeks, which equates to an increase of AED 222 per EUR 1,000. This decline comes in light of the absence of any sales or purchases of hard currency by Bank Al-Maghrib during the period, which indicates that the movement was the result of market fluctuations and not direct intervention by the Central Bank. Why does the dirham move like this? Morocco adopts a flexible managed exchange system, where the value of the dirham is determined within a basket of currencies that includes the euro and the US dollar with unequal weights, and the Bank of Morocco publishes reference indicators Weekly exchange rate with no direct intervention except when needed. Since the euro represents the largest share in this basket, any movement in international markets is directly reflected in the value of the local dirham. What impact does this have on Moroccans? The decline in the dirham translates into a rise in the cost of imported goods and products priced in euros or dollars, from fuel to equipment and raw materials, and also raises the cost of travel and study abroad for Moroccans. In contrast, Moroccans living abroad who divert Their funds are in euros from a higher value for their transfers when converted into dirhams, at a time when the markets are closely following any upcoming move by Bank Al-Maghrib to deal with this trend.