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The dirham has weakened against the euro and the dollar in recent weeks amid mounting pressure on foreign-currency flows. Is this a warning sign? Rising imports, a widening trade deficit, shifts in export earnings and movements in major global currencies are all combining to drive the trend—without necessarily pointing to a sharp dislocation in the dirham. Economist Abdelghani Youmni explains what is at play.

The currency slipped 0.1% against the euro, while official reserves stood at MAD 499.3 billion, up 21.9% from a year earlier.