Morocco’s foreign exchange reserves climbed to an unprecedented 431.24 billion dirhams ($47 billion) at the end of October, up 19.6% from a year earlier, according to central bank data.
Bank Al-Maghrib projects the upward trend will continue into 2026, reflecting strong tourism receipts and a sharp rebound in foreign direct investment (FDI).
Travel revenues rose 16.7% to 113.26 billion dirhams, while FDI inflows jumped 28.2% to 45.4 billion dirhams.
Exports posted modest growth of 2.6%, reaching 385.2 billion dirhams, and remittances from Moroccans abroad edged up 1.5% to 102.93 billion dirhams.
The reserves, which have grown nearly 140% over the past decade, underscore Morocco’s improved ability to meet external obligations and cushion economic shocks.
Bank Al-Maghrib expects reserves to reach 434.5 billion dirhams by end-2026, covering about five and a half months of imports, with the current account deficit contained near 2% of GDP.
Tourism and FDI remain key drivers. Morocco welcomed 18 million visitors by November, surpassing last year’s record, while FDI inflows hit their highest level in years, signaling renewed investor confidence. The central bank forecasts continued growth in industrial exports, led by a rebound in automotive sales, and steady gains in travel receipts and remittances.
