The latest data from the Foreign Exchange Office regarding Morocco's 'International Investment Position' at the end of June 2026 reveals a significant financial landscape. The total financial obligations of the Moroccan economy towards foreign entities reached a staggering 1.539.9 billion dirhams, while the external financial assets amounted to 763.9 billion dirhams. This resulted in a net debt situation for Morocco of approximately 776 billion dirhams, a slight increase from 765.9 billion dirhams recorded at the end of March. The 'International Investment Position' effectively measures what Morocco owns in terms of financial assets abroad against what non-residents hold in financial assets and rights within the country. The difference between these two figures reveals the net position of the country; when obligations exceed assets, it indicates a net debt position, which is the scenario currently faced by the kingdom.
In the second quarter of the year, Morocco's financial obligations to foreign parties rose by 49.4 billion dirhams, while its assets increased by 39.3 billion dirhams. This indicates that obligations grew at a faster rate—approximately 10.1 billion dirhams more than the asset growth—resulting in the net debt position rising from 765.9 billion to 776 billion dirhams. It is crucial to clarify that these figures do not imply that Morocco is obligated to repay 1.5 trillion dirhams in debt. The concept of obligations is broader than loans; it includes foreign investments in Moroccan companies, equity stakes, as well as bonds, loans, deposits, and other financial components.
Foreign reserve assets constitute the largest portion of Morocco's financial holdings abroad, totaling 497.3 billion dirhams, which is approximately 65% of the overall assets amounting to 763.9 billion dirhams. These reserves are composed of 449.7 billion dirhams in foreign currency, 26.9 billion dirhams in monetary gold, and 18.8 billion dirhams in Special Drawing Rights, in addition to 1.9 billion dirhams representing Morocco's reserves at the International Monetary Fund. Despite the significance of this reserve balance, it only represents about 32% of the total financial obligations recorded towards foreign entities, which stand at 1.539.9 billion dirhams.
The recent increase in assets can largely be attributed to a rise in reserve assets by 39.5 billion dirhams. However, on the other side, the balance of portfolio investments increased by the same amount, 39.5 billion dirhams. The matching figures do not necessarily imply a direct relationship based solely on the published data. Direct investments represent the largest negative component of Morocco's net position, registering a deficit of 654.3 billion dirhams, with Moroccan assets in this area amounting to 118.3 billion dirhams against obligations of 772.6 billion dirhams. It is essential to interpret this figure carefully, as a substantial portion of these obligations pertains to funds invested by foreigners in Moroccan companies, rather than loans that need to be repaid within specific timelines. Equity stakes alone account for 651.4 billion dirhams, primarily representing contributions to the capital of businesses and institutions operating within the kingdom.
On the other hand, 'portfolio investments', mainly comprising securities such as bonds, showed a negative net position of 201.2 billion dirhams. The obligations in this category are concentrated in debt securities totaling 185.6 billion dirhams, of which 115.6 billion dirhams pertain to the general government and 70 billion dirhams relate to other sectors, while Morocco's assets in debt securities amount to only 18.8 billion dirhams. Additionally, the 'other investments' category also recorded a negative net position of 417.9 billion dirhams, primarily linked to loans, with obligations from this category reaching 399.9 billion dirhams, in stark contrast to a mere 0.6 billion dirhams of Moroccan assets in this type.
Conversely, the currency and deposits category reported a positive net position of 35 billion dirhams, primarily sourced from deposit-taking companies, which account for 35.7 billion dirhams. Overall, these figures indicate that while Morocco maintains a significant balance of foreign currency and gold reserves, the financial obligations recorded towards foreign entities far exceed the assets held by the Moroccan economy abroad. This discrepancy explains the net debt position of 776 billion dirhams reported at the end of June. It is important to note that this situation does not equate to foreign debt at the same value, as foreign direct investments and equity stakes are included in accounting obligations alongside debts, loans, and bonds. However, the rapid increase in obligations compared to asset growth remains a trend that warrants careful monitoring in the future, especially considering that this data is periodic and subject to revision.
As reported by hespress.com.
