Morocco: understanding the MAD 776 billion net external liability position
At the end of June 2026, Morocco’s net international investment position worsened by MAD 10.1 billion over a quarter. It does not measure public debt alone.
Morocco’s net international investment position showed liabilities exceeding assets by MAD 776 billion at the end of June 2026, compared with MAD 765.9 billion at the end of March. The Office des Changes release, dated 30 September and consulted on 6 October, presents provisional figures. The quarterly widening was MAD 10.1 billion.
This change reflects a MAD 49.4 billion increase in financial liabilities, exceeding the MAD 39.3 billion rise in assets. The official table records approximately MAD 1,539.9 billion in liabilities and MAD 763.9 billion in assets at the end of the half-year.
The balance compares Moroccan residents’ financial assets abroad with their liabilities to non-residents. It includes direct investment, portfolio investment, loans and reserve assets. It should therefore not be described as a bill consisting solely of public debt.
The Office attributes the increase in liabilities mainly to portfolio investment and foreign direct investment. On the asset side, it highlights rising reserve assets. This snapshot concerns the end of June; it does not describe the financial position on 6 October.