Morocco FX Analytics · Price competitiveness

Price competitiveness of the dirham

Name: Dirham price competitiveness — REER
Creator: Morocco FX Analytics
License: https://creativecommons.org/licenses/by-nc/4.0/

The real effective exchange rate (REER) measures the dirham's value adjusted for inflation, against all of Morocco's trading partners. A price competitiveness indicator for exports.

Latest data point · September 2026 Source · BIS — REER

Price competitiveness of the dirham for exports

Real and nominal effective exchange rate of the dirham · source BIS (Bank for International Settlements) · base 2020 = 100 · basket of 64 trading partners · monthly since 1994

Effective: an average of the dirham against its trading partners, weighted by each partner's share of trade (the euro weighs heavily, the yen very little).
Nominal: the raw rate, as displayed.
Real: the nominal rate adjusted for relative inflation. If prices rise more slowly in Morocco than among its partners, Moroccan products become relatively cheaper, even without any rate movement.

Example (September 2026). The dirham is 14% higher than in 2020 in nominal terms, but 6.5% lower in real terms: stronger inflation among partners has erased the nominal appreciation.

Reading. Real index falling = price competitiveness gain for exports. Rising = loss. "The dirham is depreciating" sounds negative, but it is favorable to exporters (and unfavorable to imports).

Summary

In September 2026, Morocco's REER stands at 93.51 and the NEER at 114.16 (base 2020 = 100).

Year on year, down 8.08%.

Below the average 1994–2026 (101.45).

The gap between the two curves reflects the effect of relative inflation: the wider it is, the more inflation among partners “offsets” the dirham's nominal appreciation. Price competitiveness influences exports, hence the trade deficit, hence pressure on the dirham — it is the link between exchange rates, inflation, and the trade balance. · 393 monthly points · 1994-01 to 2026-09 · BIS, CPI deflator, 64 economies.
⚠ The last 2 months of the real index are approximate (dotted): the BIS only has Moroccan CPI data up to July 2026, and carries this value forward for subsequent months. These points will be revised.

International REER comparison

Real REER (BIS) · base {baseLabel} = 100 · 9 countries + Morocco · below 100 = competitiveness gain, above = loss

Base 100 index. A country at 95 has gained 5% in price competitiveness since the base date; at 110, it has lost 10%. Levels across countries are not comparable — only trajectories: a falling curve = competitiveness gain, a rising curve = loss.

Why a base selector? The BIS uses 2020 (institutional convention, 64 economies), but 2020 = Covid — the "since 2020" reading can mainly reflect the exit from crisis. Changing the base changes the question: 2015 = medium term excluding the shock, 2010 = long-run trend, Start of series = first date common to all displayed countries.
Note: only the 2020 base matches the official BIS index. Other bases are recalculated in-house from the same data.
Coverage: 9 countries displayed. Not available: Tunisia, Egypt (not in the BIS Broad basket).

Summary

In September 2026, Morocco's REER (93.51) is the 2nd lowest of 10 countries in the panel (base 2020 = 100).

Morocco's relative price competitiveness against its competitors sheds light on its export capacity, hence its trade deficit, hence pressure on the dirham. Latest common data point: 2026-09. · BIS, CPI deflator, 64 economies. Base 2020 = 100 (official BIS index).
⚠ Morocco, Algeria: the last 2 months are approximate (dotted) — the BIS carries forward the last known CPI. These points will be revised.