Checking the exchange rate is a morning ritual for many in Morocco, especially if you're waiting on a Western Union transfer or trying to figure out if your imported electronics are about to get pricier. Right now, on January 18, 2026, the dollar US vs dirham marocain rate is sitting around 9.22 MAD per 1 USD.
It’s been a wild ride. Just a year ago, we were seeing rates closer to 9.70 or even higher. Honestly, if you’re holding dollars today, it might feel like the Dirham is flexing its muscles. But there’s a lot more going on under the hood than just simple supply and demand.
What’s Driving the Dollar US vs Dirham Marocain Right Now?
To understand why the Dirham is holding steady, you have to look at what Bank Al-Maghrib (BAM) is doing. Morocco doesn't let the Dirham float entirely free like the Dollar or the Euro. It’s pegged to a basket of currencies: 60% Euro and 40% US Dollar.
This means if the Euro gets stronger, the Dirham usually follows. Lately, though, the story is about Morocco’s own internal engines. We're seeing a massive surge in infrastructure spending—think high-speed rail and airport upgrades for the 2030 World Cup—which is pulling in a lot of foreign investment. When big companies bring their dollars to invest in Moroccan ports or solar plants, they have to buy Dirhams. That keeps the MAD relatively strong.
The Phosphate Factor
You can't talk about the Moroccan economy without mentioning OCP and phosphates. Morocco is essentially the world's "battery" because of its massive phosphate reserves. When global prices for fertilizer go up, the Dirham gets a boost. According to recent projections from the Commodities Research Unit, while raw phosphate prices might dip slightly to around $183 per tonne this year, the demand for derivatives remains high. This steady stream of "Green Gold" revenue is a major cushion for the national currency.
Tourism and Remittances
If you’ve walked through the Jemaa el-Fnaa lately, you know tourism is back with a vengeance. Travel receipts are expected to hit nearly 128 billion MAD by the end of 2026. On top of that, Moroccans living abroad (MREs) are sending home record amounts—estimated to reach 121 billion MAD this year.
This massive influx of foreign currency essentially "floods" the local market with Dollars and Euros, making the Dirham more valuable. It’s a simple case of: more people wanting Dirhams = a stronger Dirham.
The 2026 Shift: Moving Toward a Flexible Exchange Rate
The biggest news in the Moroccan financial world isn't just the daily rate; it’s the reform. For years, there has been talk about "flexibilizing" the Dirham. Basically, letting the market decide the price instead of the central bank.
Governor Abdellatif Jouahri has been cautious, and for good reason. A sudden drop in the peg could lead to a "currency shock" that makes imports (like oil and wheat) way too expensive for the average household. However, 2026 is looking like the year of transition.
- Widening the Band: Currently, the Dirham can fluctuate within a ±5% band. There are talks of widening this further.
- Inflation Targeting: Bank Al-Maghrib is moving toward an inflation-targeting regime. This means they care more about keeping prices stable than keeping the exchange rate at a specific number.
- The 2026 Finance Act: The government’s budget for this year is based on an assumption of about 10.00 Dirhams to the Dollar, which suggests they are prepared for some slight depreciation if the market demands it.
Why the Dollar Might Still Hit Back
Don’t count the Greenback out just yet. The US Federal Reserve has its own plans. If US inflation stays higher than expected (currently projected at 3.3% for 2026), the Fed might keep interest rates high.
When US rates are high, investors pull money out of emerging markets like Morocco and put it back into US Treasury bonds. It’s safer and pays well. This "flight to safety" can cause the dollar US vs dirham marocain rate to spike, making the dollar more expensive for Moroccans.
Practical Insights for 2026
If you're a business owner importing goods or just a traveler planning a trip, here is what you actually need to do:
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- Watch the Euro, not just the Dollar. Because the Dirham is 60% pegged to the Euro, a weak Euro often hurts the Dirham more than a strong Dollar does.
- Hedge your risks. If you’re a business, talk to your bank about "forward contracts." This lets you lock in today’s rate for a payment you need to make three months from now. Given the volatility of 2026, it's better to be safe.
- Timing your transfers. If you're receiving money from the US, watch the Bank Al-Maghrib daily briefings. The rate is refreshed at 12:30 PM local time. Often, the interbank rate is slightly better than what you’ll see at a typical high-street exchange office.
The Dirham is currently in a "sweet spot" of stability, but the move toward a more flexible system means the days of a flat, predictable exchange rate are ending. Stay informed, because in 2026, the market is finally starting to find its own voice.
Your Next Steps:
Keep a close eye on the Bank Al-Maghrib board meeting results on March 17, 2026. This meeting will likely provide the definitive word on whether the fluctuation band will be widened before the summer season. If you are planning large currency conversions, aim to execute them before any official announcements of increased flexibility, as these often lead to short-term market volatility.