Morocco Targets Cash Dependence as Circulation Tops $56 Billion

Cash in circulation in Morocco exceeded 550 billion dirhams, equivalent to about $56 billion, by the end of August 2026, underscoring the continued reliance on banknotes despite the expansion of electronic payments.

The scale of cash use presents a challenge for authorities seeking to encourage digital transactions. Wider access to electronic payment options has yet to displace cash’s prominent role in the economy.

Authorities are pursuing lower fees as part of efforts to reduce that dependence. Making electronic payments less costly is intended to encourage more people and businesses to use them.

The approach also includes tightening tax documentation requirements, placing greater emphasis on transaction records as authorities seek to curb reliance on cash.

Morocco is also studying a digital dirham as a possible additional payment option. It remains under consideration, while fee reductions and stronger documentation requirements form part of the broader push toward less cash-dependent transactions.