Euro Falls Below 11 Dirhams, Losing 172 Dirhams Against the Moroccan Currency in Two Weeks
The Moroccan dirham is continuing to recover against the euro. In two weeks, the value of 1,000 euros fell by 172 dirhams. The European currency has dropped back below the 11-dirham mark after rising for several weeks.
The dirham’s recovery is gaining ground. Between October 15 and 21, 2026, the Moroccan currency appreciated by 0.17% against the euro and 0.61% against the US dollar, according to the latest weekly indicators from Bank Al-Maghrib.
The euro’s reference exchange rate fell from 11.009 dirhams on October 14 to 10.990 dirhams on October 21. That puts the value of 1,000 euros at 10,990 dirhams, down from 11,009 a week earlier—a decrease of 19 dirhams. For 5,000 euros, the difference is 95 dirhams.
172 dirhams lost since October 7
The reversal is more dramatic over two weeks. On October 7, the euro had reached 11.162 dirhams, after a prolonged period of decline for the Moroccan currency. Since then, its value has fallen by 172 dirhams per 1,000 euros. For a transfer of 5,000 euros, the difference now stands at 860 dirhams.
The dirham has thus erased some of the gains accumulated by euro holders since the end of August. On August 27, 1,000 euros were worth 10,776 dirhams. They are still worth 214 dirhams more on October 21, compared with a 386-dirham advantage at the October 7 peak.
On Bladi.net : Moroccan Dirham Rebounds, Cutting the Value of €1,000 by 153 Dirhams in a Week
The trend is also continuing against the dollar. The US reference rate fell from 9.852 to 9.792 dirhams between October 14 and 21. The value of 1,000 dollars decreased by 60 dirhams.
Morocco’s official foreign exchange reserves stood at 510.2 billion dirhams on October 16. They fell by 1% in a week but were still up 18.8% year over year. Remittances from MREs, meanwhile, reached 89.2 billion dirhams at the end of August, up 9%.
