Moroccan Dirham Strengthens Against Global Currencies Amid International Market Changes
The Moroccan dirham has displayed remarkable performance during the week from March 16 to 20, continuing its upward trajectory against major international currencies. This comes in a context marked by increasing volatility due to energy tensions and monetary uncertainties. According to data from Attijari Global Research, the USD/MAD pair decreased by 0.40%, stabilizing at 9.39 compared to 9.43 the previous week, reflecting an improvement that exceeds mere technical correction.
This enhancement was not limited to the dollar but extended to a broad basket of currencies, with the euro dropping by 0.30% against the dirham, along with declines in the Japanese yen, British pound, Canadian dollar, and Swiss franc. This collective performance showcases positive dynamics for the national currency, bolstered by both internal and external factors, enhancing its position within a fluctuating global monetary environment.
The research institution highlights that the dirham’s strength is underpinned by a dual effect, combining the dollar’s decline internationally and improved liquidity conditions within the Moroccan banking market. The “basket effect” contributed -0.06%, while the “liquidity effect” reached -0.34%, significantly reducing the liquidity gap for the USD/MAD pair. This indicates that the resilience of the dirham is connected not only to external factors but also to more balanced internal foundations.
Conversely, this performance unfolds against a tense international backdrop, particularly with rising oil prices due to tensions in the Middle East and the Strait of Hormuz, reviving global inflationary fears. Despite the Federal Reserve and the European Central Bank maintaining interest rates in March 2026, the disparity in economic forecasts between the American and European economies has impacted currency movements, with the euro benefiting from heightened inflation expectations, while the dollar has lost some of its defensive appeal.
In light of these factors, the dirham is poised to maintain a strong trajectory, supported by stable short-term forecasts according to AGR estimates.
