Morocco FX Analytics · Pressure score
The trade deficit drains foreign currency; remittances from Moroccans living abroad (MRE), travel receipts and foreign direct investment (FDI) inject it back. The net score, viewed alongside foreign exchange reserves (BAM), measures the residual pressure after the deficit is absorbed.
Stacked inflows (teal) vs deficit (red) · line = net score · billions MAD
(MRE + Travel + FDI) / |deficit| · 100% = equilibrium
In 2025 (provisional), the support-to-deficit coverage ratio reached 82.8%.
This represents a 0.6-point increase from 2024.
Close to the average 2015–2025 (81.5).
Share of each foreign currency inflow
In 2025 (provisional), support (291.8 bn MAD) breaks down into travel (47%), MRE (42%) and FDI (11%).
MRE + Travel · rolling 12-month change in % · above 0 = growing FX inflows
In the latest available month (December 2025), the year-on-year support-flow index stands at 29.1%.
Annual change of +27.6 compared to December 2024.
Above the average 2005–2025 (8.6).
Exploratory comparison (not a model) · does growth in remittances + travel receipts anticipate the dirham?
In the latest month (December 2025), the support-flow index stands at 29.1%.
Over the same period, the MAD/EUR annual change is 1.84%.
In the latest month (December 2025), monthly gross receipts are 10.3 bn MAD for MRE and 12.1 bn for travel.
Year on year, up 12.9%.
Above the average 2004–2025 (5.8).
As of August 13, 2026, official reserve assets stand at 499.6 bn MAD.
Relative to 2025 imports, this represents approximately 7.3 months of coverage.
Year on year, up 22.4%.
Breakdown (structure) of FX support flows. Each breakdown is shown at its latest available vintage (country/sector detail is sometimes released a year behind the score aggregates) and reconciles with the score total for that same year. Provisional vintages are flagged. FDI by sector = gross receipts (inflows), distinct from the net FDI used by the score.
Each breakdown is shown at its latest available year (indicated in the title); * = provisional. When the country-level detail does not yet exactly match the revised aggregate (gap < 3%), a note flags it — the reference total remains the monthly aggregate.
MRE remittances · top countries + Other · Bn MAD
In 2025, France is the top MRE-sending country (37.3 bn MAD, 31% of total).
Spain accounts for 13% of the total.
FDI receipts (gross inflows) by recipient sector · Bn MAD
Travel receipts by source market · top countries + Other · Bn MAD
In 2024, France is the top source of travel receipts (36.9 bn MAD, 32% of total).
Spain accounts for 15% of the total.
Net foreign direct investment flows by country · Bn MAD
In 2025 (provisional), France is the top net investor (10.1 bn MAD). Of 15 countries, 6 show negative net flows.
In 2025 (provisional), total support reached 291.8 bn MAD against a trade deficit of 352.3 bn, for a net score of −60.4 bn.
Compared to 2024, the score moved from −54.1 to −60.4 bn (−6.3 bn).
Below the average 2015–2025 (−43.9).