Moroccans Abroad Hold 222 Billion Dirhams in Moroccan Banks, but Almost None Remains in Foreign Currency

Moroccans living abroad represent a considerable share of Moroccan banks’ business. At the end of 2025, their deposits amounted to 222.8 billion dirhams, nearly a quarter of the savings held by individuals.

On Bladi.net : Moroccan Expats Banking Savings Hit Record 222.8 Billion Dirhams

But money sent from abroad is rarely kept in its original currency. According to Bank Al-Maghrib statistics, Moroccan banks had 39.8 million accounts at the end of December 2025. Only 116,096 were directly denominated in foreign currencies, representing 0.3% of the total.

Their number is even declining. Bank Al-Maghrib recorded 123,945 foreign-currency accounts at the end of 2024. Nearly 7,850 therefore disappeared in one year, a decrease of 6.3%, while the total number of bank accounts increased by 4%.

Money sent becomes almost always dirhams

This contrast does not mean that Moroccans living abroad are withdrawing their money from Morocco. It mainly shows that sums transferred from abroad are generally converted into dirhams as soon as they enter the banking system.

These funds are used to finance family expenses, repay a loan, purchase a home or build up savings in Morocco. Moroccans living abroad can also use convertible-dirham accounts, which under certain conditions allow money to be transferred abroad without being considered accounts directly denominated in euros or dollars.

The 0.3% figure does not, moreover, concern only Moroccans living abroad. Foreign-currency accounts may also belong to foreigners, companies or other authorized persons. Bank Al-Maghrib does not specify how many of the 116,096 accounts are actually held by Moroccans living abroad.

The euro nevertheless overwhelmingly dominates this category, accounting for 76% of foreign-currency accounts. This proportion reflects Morocco’s ties with the European countries where the majority of its diaspora lives.

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The paradox remains striking: Moroccans living abroad represent 9% of individuals holding a bank account in Morocco and hold more than 222 billion dirhams in the Kingdom’s banks. But once transferred to Morocco, their money almost always becomes dirhams.