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ناظورسيتي
Reasons for dirham's decline against dollar and euro
The value of the Moroccan dirham has been increasingly declining against the US dollar and euro in recent weeks due to rising demand for foreign currencies to finance imports. The trade deficit grew by 25.4%, reaching 282.6 billion dirhams as of August. The local currency also experienced a decrease of 1.5% against the dollar and 0.3% against the euro between September 17 and 23, driven by fluctuations in the domestic exchange market. During this period, import volumes rose by 15.8% to 617.5 billion dirhams, while exports grew by 8.7%. The increase in imports of fuels and raw materials, particularly sulfur imports which soared from 9.4 billion to 27.2 billion dirhams, exerted pressure on hard currency reserves. Despite rising tourism receipts and remittances from Moroccans abroad, these were not sufficient to cover the trade deficit, which exceeded 57 billion dirhams. The depreciation of the dirham remains under the supervision of Bank Al-Maghrib, which holds a strong reserve of assets amounting to 503 billion dirhams, enabling it to manage the market without direct intervention.
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