Dirhami Moroccan is going through one of the worst periods in recent months, depreciating simultaneously against two of the world's most important waves.
Le360 reports that since early August, dirham has been depreciated about 4.1% against the euro and nearly 6.9% against the US dollar.
According to Bank Al-Maghrib's reference courses, quoted by Le360, one euro was traded on about 11.18 diamonds on October 5th, while a dollar with about 9.98 dirhams.
This has brought the dollar very close to the symbolic level of 10 diamonds, while the euro has obviously exceeded over 11 diamonds.
But what's going on with the Moroccan coin?
One of the main factors is increasing imports. Le360 reports that during the first eight months of 2026 Morocco's imports reached 617.5 billion dirhams, 15.8% more than a year ago. Exports reached 334.9 billion diamonds.
As a result, the trade deficit expanded to around 282.6 billion diamonds, marking growth of 25.4% compared to the same period last year.
This is of direct importance to the exchange rate. Moroccan companies need euros and dollars to pay their imported goods and energy. When demand for foreign currency increases faster than offer, pressure on the dirham increases.
Even Hespress reports that increased import bill is changing balance in the Moroccan currency market, adding demand for foreign currency.
However, the current decline does not mean that the dirham is in uncontrolled decline.
Economist Abdelghani Youmni, quoted by Le360, explains that the Moroccan currency does not move freely in the market. Its course is allowed to fluctuate within a gang of 5% around a central course, which is based on a basket comprised of 60% of euros and 40% of the dollar.
Strengthening the dollar in international markets is putting additional pressure on it. Reuters reports that the dollar has been empowered recently, while the euro has been under pressure from fiscal and political concerns in Europe.
For Morocco, this means that any further strengthening of the dollar, especially if it is accompanied by high imports of energy and goods, can keep the mast under pressure in the coming weeks.
