Moroccan dirham and Tunisian dinar face pressure from rising imports

The Moroccan dirham and Tunisian dinar are facing significant downward pressure against major global currencies.

In Morocco, the dirham has depreciated against both the dollar and the euro, driven by a widening trade deficit. As of late September and early October, the currency saw notable declines, partly due to a 15.8% year-on-year increase in merchandise imports, reaching 617.5 billion dirhams by the end of August. Rising energy costs and a strengthening US dollar have further strained the currency, which is pegged to a basket composed of 60% euro and 40% dollar. Despite this, Morocco maintains official reserves of 503 billion dirhams.

In Tunisia, the US dollar crossed the symbolic threshold of 3 dinars on the interbank market on October 6, 2026, a level not seen since May 2025. This shift follows a period of relative dinar appreciation earlier in the year. The pressure is attributed to high demand for foreign currency to cover essential imports, particularly in energy, fuel, food, and medicine, which are often denominated in dollars. This increased demand for foreign exchange, coupled with a trade deficit, continues to impact the Tunisian economy.