Morocco FX Analytics · Reference
This dashboard tracks the foreign exchange flows passing through the Moroccan economy: exchange rates, foreign trade, remittances, investments, reserves and monetary policy. It brings together series published by six official sources to answer one question: does the Moroccan economy receive enough foreign exchange to cover what it spends?
All data comes from official publications. The typical lag indicates the usual delay between the end of the reference period and when the data is published online.
| Institution | Data | Frequency | Typical lag | Last check |
|---|---|---|---|---|
| Bank Al-Maghrib | Exchange rates (wire and banknotes) | Daily | D+1 | August 5, 2026 |
| Official reserve assets | Weekly | D+7 | August 5, 2026 | |
| Policy rate | ~Quarterly | D+0 | August 10, 2026 | |
| Monetary aggregates (M1, M2, M3) | Monthly | M+2 | August 5, 2026 | |
| Office des Changes | Monthly foreign trade indicators | Monthly cumulative | M+2 | August 5, 2026 |
| Annual statistical series (BoP, FDI, MRE) | Annual | Y+1 year | August 11, 2026 | |
| HCP | Quarterly national accounts (GDP) | Quarterly | Q+3 months | August 5, 2026 |
| Consumer price index | Monthly | M+1 | August 11, 2026 | |
| IMF | CPI — country panel (WEO / IFS) | Monthly | M+2 | August 11, 2026 |
| BIS | Real effective exchange rate | Monthly | M+2 | August 6, 2026 |
| United Nations (Comtrade) | Mirror bilateral flows (HS) | Annual | Y+6 to 18 months | August 5, 2026 |
| World Bank | Commodity prices (Pink Sheets) | Monthly | M+1 | August 11, 2026 |
The Office des Changes publishes provisional monthly cumulative data during the current year, consolidated the following year. On this dashboard, the last consolidated year is 2024. Years marked prov. (2025) rely on provisional figures subject to revision.
The label 'through May' (or any other month) means the data covers flows from January 1 to the last day of the stated month, inclusive. It is not a single-month figure.
The coverage ratio measures the share of imports financed by exports. At 60%, sales abroad cover 60% of purchases; the remaining 40% must be financed by other flows (MRE remittances, travel receipts, investments). Both terms come from the Office des Changes (settled flows only, excluding temporary admission without payment).
Total support is the sum of three annual FX inflows: MRE remittances, travel receipts, and net FDI flows. The trade deficit is FOB exports minus CIF imports (negative when a deficit exists). A ratio above 1 (or 100%) means the counted FX inflows exceed the trade deficit. All components are annual, in billions of MAD, from the Office des Changes.
This ratio and the pressure score rely on the same components (total support and trade deficit); the former expresses them as a ratio, the latter as an arithmetic difference.
The numerator is the latest weekly observation of official reserve assets (Bank Al-Maghrib). The denominator is the monthly average of CIF goods imports for the last consolidated year (Office des Changes) — the denominator is therefore not provisional.
Methodological note: the IMF Reserve Adequacy (ARA) metric uses goods and services imports; this calculation, based solely on CIF goods imports published by the Office des Changes, slightly overstates the ratio. The IMF sets 3 months of imports as the minimum adequacy threshold.
Total support = MRE remittances + Travel receipts + Net FDI flows (weights: 1.0 each). Trade deficit = FOB exports − CIF imports (negative when a deficit exists, which lowers the score). The score is expressed in billions of MAD. A negative score means the trade deficit exceeds the counted FX inflows; a positive score means the opposite. Window: from 2007, last year common to all four series.
The monthly index is a separate object from the annual score. It tracks the rolling 12-month (YoY) changes in MRE remittances and travel receipts (the only two components published monthly). It is shown on the 'Dirham pressure' page in the monthly chart; the annual score appears in the annual chart and KPIs on the same page.
The pressure score and the deficit coverage ratio rely on the same components, expressed as a difference in one case and as a ratio in the other. An analyst will find the same information in two complementary forms.
Independent site. Not affiliated with Bank Al-Maghrib or the Office des Changes. Public data reproduced as published by its sources.
This dashboard is a reading tool, not an action tool. It compiles public data series, formats and cross-references them — it produces no forecasts, no trading signals, and no investment recommendations.
Data is reproduced as published by its respective sources; it is neither adjusted, nor seasonally corrected, nor extrapolated. The pressure score is a descriptive indicator built from observed flows — it models no transmission mechanism and does not predict the future course of the dirham.
Collection or calculation errors, although monitored, remain possible. Any financial decision based on this data is the sole responsibility of the person making it.