Morocco’s foreign exchange reserves reached a historic level in 2025, rising to 443.27 billion dirhams or 49 billion USD, an 18% year-on-year increase, according to the central bank.
The increase was driven mainly by the strong rebound in tourism revenues and a sustained recovery in foreign direct investment (FDI), supported by higher goods exports and steady remittances from Moroccans abroad.
Travel receipts surged 20.6% to 138.1 billion dirhams, boosted by a record 19.8 million tourist arrivals, up 14% from 2024.
Tourism not only recovered but exceeded pre-pandemic levels, with arrivals 53% higher than in 2019. European markets led the expansion: France rose 11%, Spain 12%, the UK 18%, Belgium 10%, Italy 21%, the Netherlands 15% and Germany 11%.
Hotel overnights reached 39.8 million by November 2025, an increase of 9% nationwide.
FDI inflows also strengthened sharply, rising 28% to 56.05 billion dirhams by the end of 2025. France remained the largest investor with 13.62 billion dirhams, followed by the UAE (5.49 billion), the Netherlands (3.17 billion), Spain (3.06 billion) and Germany (2.72 billion). The UK, U.S., Italy, China and Switzerland rounded out the top contributors.
Goods exports grew 2.8% to 469.07 billion dirhams, supported by strong performances in phosphates and derivatives (+14.6%), aeronautics (+10%) and agriculture (+3.6%). Remittances from Moroccans abroad increased 2.6% to 122.02 billion dirhams, further bolstering reserve levels.
Morocco’s current account deficit remained contained at 1.8% of GDP in 2025, with forecasts keeping it below 2% through 2027.
The central bank projects reserves to continue rising, reaching 448 billion dirhams by 2027, enough to cover five and a half months of imports, reinforcing the country’s medium-term macroeconomic stability.
