In the week spanning from March 9 to March 13, 2026, the Moroccan dirham experienced a decline against the US dollar, with the USD/MAD exchange rate climbing by 1.27%, from 9.31 to 9.43. This development, as reported by Attijari Global Research, underscores the impact of both external pressures and tightening conditions within the local market.
The rise of the dollar can be attributed to a global shift towards safe-haven assets, primarily driven by escalating geopolitical tensions in the Middle East. This international climate of uncertainty contributed significantly to the dollar's strength, accounting for approximately 0.64% of the exchange rate's increase, which Attijari Global Research refers to as a 'basket effect.' In addition to these external influences, the liquidity conditions in Morocco's interbank foreign exchange market faced constraints. This local liquidity effect further exacerbated the dollar's rise, contributing an additional 0.63% to the overall increase in the USD/MAD pair.
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