The euro is Morocco's most important foreign currency, accounting for 60% of the dirham's managed peg basket. Live EUR/MAD rate updated continuously from Bank Al-Maghrib data.
The euro is the dominant currency in Morocco's trade relationships. France, Spain, Italy, and Germany collectively represent Morocco's largest export and import partners. Moroccan remittances — money sent home by the approximately 5 million Moroccans living abroad — are predominantly sent from France, Spain, and Belgium in euros. This makes EUR/MAD the single most important exchange rate for the Moroccan economy.
Bank Al-Maghrib weights the euro at 60% in the dirham's reference basket, compared to 40% for the US dollar. This means that when the ECB changes interest rates or the euro strengthens or weakens against global currencies, the dirham adjusts accordingly — even before BAM intervenes.
The European Central Bank's monetary policy decisions directly affect the EUR/MAD rate. When the ECB raises rates, the euro typically appreciates, which causes the dirham to strengthen against the dollar (since the euro is the dominant basket component) but the EUR/MAD rate itself may move less dramatically because BAM intervenes to smooth volatility.
In 2022–2024, the ECB's aggressive rate hiking cycle from 0% to over 4% caused significant euro appreciation against emerging market currencies. Morocco's managed peg system partly insulated the dirham from the full impact, but EUR/MAD still drifted higher during this period, making European imports more expensive for Moroccan businesses.