Cash in circulation in Morocco rose 18.5% year-on-year to 491 billion dirhams (53.9 billion dollars) in 2025, highlighting the economy’s continued reliance on cash despite efforts to expand digital payments, according to Morocco’s central bank. Cash in circulation was equivalent to 28.5% of gross domestic product, the central bank said in its annual report, warning that heavy cash usage imposes substantial costs linked to the production, management and distribution of banknotes and coins. It noted that a similar trend was observed during the COVID-19 pandemic, when cash in circulation in Morocco rose 20.1% in 2020 and reached 26.1% of GDP. The central bank said it conducted an in-depth study in 2025 to identify the main drivers of cash usage and measures that could encourage greater adoption of digital payments. The central bank plans further measures, including wider digitization of government payments, lower transaction costs, interoperable QR-code instant payments and broader use of electronic invoicing