Dirham gains ground against euro, cutting value of €1,000 transfer by 196 dirhams in three weeks
The euro reached 11.217 dirhams in early October. Three weeks later, the European currency had fallen back below 10.97 dirhams. For Moroccans living abroad who send money home, the trend continues in the same direction.
The dirham has continued to recover against the euro for the third consecutive week. Between October 22 and 28, 2026, the Moroccan currency appreciated by 0.23% against the euro, according to the latest weekly indicators from Bank Al-Maghrib. It nevertheless fell by 0.66% against the US dollar.
On Bladi.net : Euro Falls Below 11 Dirhams, Losing 172 Dirhams Against the Moroccan Currency in Two Weeks
The euro’s reference rate fell from 10.990 dirhams on October 21 to 10.966 dirhams on October 28. The equivalent value of 1,000 euros therefore drops from 10,990 to 10,966 dirhams, a decrease of 24 dirhams in one week. For 5,000 euros, the difference reaches 120 dirhams.
The European currency had nevertheless returned to 11 dirhams at the start of the period, reaching 11.006 dirhams on October 26, before falling to 10.987 the next day and then to 10.966 dirhams on Wednesday.
196 dirhams lost since October 7
The reversal is much more pronounced over three weeks. On October 7, the euro was still worth 11.162 dirhams. It then fell to 11.009 dirhams on October 14, then to 10.990 on October 21, before reaching its current level.
For 1,000 euros, the difference now stands at 196 dirhams compared with October 7, up from 172 dirhams a week earlier. For a transfer of 5,000 euros, it amounts to 980 dirhams.
The dirham has thus erased more than half of the euro’s gains since late August. On August 27, 1,000 euros were worth 10,776 dirhams. They are still worth 190 dirhams more today, compared with 386 dirhams at the October 7 peak.
Against the dollar, the trend reversed this week. The greenback’s reference rate rose from 9.792 to 9.856 dirhams between October 21 and 28, adding 64 dirhams per 1,000 dollars.
For Moroccans living abroad, these calculations are indicative: the amounts actually received depend on the rates and fees charged by banks and money transfer services.
Morocco’s official foreign exchange reserves meanwhile reached 514.6 billion dirhams on October 23, up 0.9% in one week and 19.9% year on year. Transfers from Moroccans living abroad, meanwhile, totaled 103.1 billion dirhams at the end of September, an increase of 11.3%.
