Live rate between the US dollar and the Moroccan dirham, updated continuously. The dirham is managed by Bank Al-Maghrib within a crawling peg regime tied to a basket of euros and dollars.
The Moroccan dirham (MAD) is the official currency of the Kingdom of Morocco, issued and managed by Bank Al-Maghrib (BAM). Unlike fully floating currencies, the dirham operates under a managed exchange rate regime — since 2018, a crawling peg that allows the dirham to fluctuate within a defined band against a basket weighted 60% euro and 40% US dollar.
This basket weighting reflects Morocco's trade structure: the eurozone accounts for roughly 60% of exports and imports, while the United States plays a secondary role. The peg provides stability for businesses and reduces currency risk for importers and exporters, while BAM actively intervenes to keep the dirham within its target range.
Because the dirham tracks a currency basket rather than floating freely, the USD/MAD rate is largely a function of the EUR/USD rate combined with BAM's intervention decisions. When the US dollar strengthens globally against the euro, the dirham tends to weaken against the dollar — not because of Moroccan economic conditions, but because the euro component of the basket falls in value.
Other factors include Morocco's current account balance (affected by phosphate export revenues, tourism receipts, and remittances from Moroccans abroad), official foreign exchange reserves, and BAM's monetary policy decisions. A higher BAM rate generally supports the dirham by attracting foreign capital.
The dirham is convertible for current account transactions — businesses can freely convert dirhams to pay for imports or receive them for exports. However, capital account convertibility remains restricted: moving large amounts of capital in or out of Morocco requires approval from the Office des Changes. This is a key consideration for foreign investors in Moroccan equities, as repatriation of investment proceeds follows specific regulatory procedures.