Foreign Currency Inflows Reach an Unprecedented High
MAD 64.89 billion: Travel receipts rise by 15.9% in the first half of the year
Remittances from Moroccans Residing Abroad exceed MAD 61.48 billion (+9.9%), reaffirming their key role in foreign currency inflows
The first half of 2026 has provided reassuring evidence for international observers regarding the strength of Morocco’s balance of payments. According to the latest Foreign Exchange Office’s monthly indicators bulletin, published this August, the Kingdom recorded an outstanding external performance during the first six months of the year, driven by a powerful trio: tourism receipts, remittances from the Moroccan diaspora, and an unprecedented surge in foreign investment.
Against a global backdrop of tighter liquidity and sluggish economic growth, Morocco has demonstrated that its resilience model—long criticized for its dependence on climatic and agricultural conditions — has evolved into one supported by far more stable sources of foreign currency earnings.
While imported inflation and persistent commodity price pressures remain areas of concern for both the government and Bank Al-Maghrib, the figures for the first half of 2026 send a clear signal to credit rating agencies and financial markets: Morocco’s capacity to generate structural foreign currency inflows has never been stronger.
■ Services and MRE Remittances: The Current Account’s Shield Against Volatility
The conclusion is unequivocal: the services sector — and tourism in particular — has become Morocco’s leading source of foreign currency earnings.
By the end of the first six months of 2026, travel receipts had reached MAD 64.89 billion, representing a 15.9% year-on-year increase. This strong performance was accompanied by a remarkable containment of Moroccans’ spending abroad, which increased by only 3.6% to MAD 16.09 billion.
The result is striking: the travel balance posted a substantial surplus of MAD 48.8 billion, up 20.6%. This indicator is particularly strategic, as it measures the tourism sector’s net contribution to the country’s foreign currency inflows.
Such robust growth means that revenues generated by foreign visitors are increasing far more rapidly than the expenditures of Moroccan residents travelling abroad.
Combined with remittances from Moroccans Residing Abroad (MREs), which rose 9.9% to MAD 61.48 billion, these inflows constitute a vital financial safety cushion.
As the Moroccan economy continues to face recurring challenges related to water stress and its impact on agricultural GDP, revenues from services and diaspora remittances act as an automatic stabilizer for the current account, helping preserve foreign exchange reserves and the country’s import capacity.
R.L.
