Casablanca – Morocco’s net international investment position recorded a net debtor balance of MAD 791.8 billion at the end of 2025, up MAD 81.1 billion, or 11.4%, from MAD 710.7 billion a year earlier, according to the Exchange Office’s annual report on the country’s balance of payments and international investment position.
The report attributes the deterioration mainly to larger net debtor balances in foreign direct investment, portfolio investment and other investments. The increase in reserve assets helped limit the overall deterioration.
Foreign direct investment accounted for the largest contribution to the change. Morocco’s net debtor position in this category reached MAD 644.8 billion at the end of 2025, compared with MAD 543.6 billion in 2024. The balance deteriorated by MAD 101.1 billion, or 18.6%, over the year.
The stock of foreign direct investment in Morocco reached MAD 756.9 billion, up MAD 104.4 billion, or 16%, from MAD 652.5 billion in 2024. Equity securities and investment fund shares accounted for MAD 650.7 billion of the total, while debt instruments represented MAD 106.2 billion.
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Portfolio investments also contributed to the widening net debtor position. Their balance reached MAD 171.8 billion at the end of 2025, compared with MAD 144.7 billion a year earlier, representing a deterioration of MAD 27.1 billion, or 18.8%.
Non-residents held MAD 197.9 billion in Moroccan securities at the end of 2025, up MAD 29.9 billion from the previous year. Meanwhile, Moroccan residents held MAD 26.1 billion in foreign securities, compared with MAD 23.4 billion in 2024.
Other investments recorded a net debtor balance of MAD 418.3 billion, against MAD 398.5 billion in 2024. The balance deteriorated by MAD 19.8 billion, or 5%. The category includes loans, deposits, commercial credits and other financial positions between Moroccan residents and non-residents.
Morocco’s reserve assets provided some relief. They increased to MAD 442.9 billion at the end of 2025, from MAD 375.5 billion a year earlier, marking a rise of MAD 67.4 billion, or 18%.
Foreign currency assets, the largest component of reserves, reached MAD 394.3 billion, up MAD 60 billion from 2024. Monetary gold holdings also increased, reaching MAD 28 billion against MAD 18.8 billion a year earlier. By contrast, special drawing rights fell by MAD 1.7 billion to MAD 18.7 billion.
The report also recorded a positive net position of MAD 187.4 million in financial derivatives at the end of 2025, down from MAD 554.9 million in 2024.
