Moroccan Dirham Sales Surge Amidst Rapid Tourism Growth and Cash Economy

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Leading foreign exchange provider Travelex has reported a significant surge in sales of the Moroccan Dirham (MAD), signaling a notable shift fueled by Morocco’s rapidly expanding tourism sector and its continued reliance on cash transactions.

Between January and March 2025, Travelex experienced a 67% increase in Dirham sales in the United Kingdom and a 33% increase across Europe compared to the same period in 2024. This upward trend not only reflects Morocco’s rising profile as North Africa’s premier tourist destination but also underscores the importance of cash currency in everyday transactions within the country.

Morocco’s ascension as Africa’s most visited tourist destination was officially recognized in United Nations World Tourism Organization (UNWTO) data for 2024.

The country welcomed approximately 17.4 million international visitors in 2024, marking a remarkable 20% increase from the previous year. This growth trajectory continued into the first quarter of 2025, with Morocco attracting four million tourists—a 22% increase compared to Q1 2024.

These statistics are corroborated by the Moroccan Ministry of Tourism, Handicrafts, Air Transport and Social Economy, which highlights ongoing government efforts to position Morocco as a top global travel destination.

The Moroccan government’s strategic focus on expanding and modernizing its tourism infrastructure, coupled with enhanced air connectivity via budget airlines, has opened the country to a broader spectrum of travelers seeking affordable and culturally rich experiences. The Ministry’s official portal outlines numerous initiatives supporting sustainable tourism growth and promoting lesser-known regions alongside established hubs like Marrakech, Casablanca, and Fez.

The spike in Moroccan Dirham sales coincides with increased visitor numbers but also reflects Morocco’s economic structure, where cash remains king. According to Western Union data, cash transactions constitute approximately 90% of all purchases in Morocco, particularly in sectors catering directly to tourists, such as taxis, bazaars, local vendors, and public transport systems. The limited acceptance of card payments in these areas means that foreign visitors require adequate physical currency to navigate daily expenses comfortably.

Simon Jackson, Chief Customer Officer at Travelex, emphasized the connection between tourism and currency demand, noting that travelers are increasingly seeking affordable destinations amidst global economic challenges, including rising living costs. Morocco’s appeal is enhanced by its strong cultural heritage, diverse landscapes, and competitive pricing, all factors contributing to its status as a favored destination among European and UK travelers.

The Moroccan government has implemented various policies to facilitate both tourism and currency accessibility, reinforcing the country’s appeal. The Ministry of Finance and Economy, in collaboration with the Central Bank of Morocco (Bank Al-Maghrib), oversees currency regulation and ensures the stability and availability of the Dirham for both residents and visitors. Visitors can find updated currency exchange regulations and advice on the official Bank Al-Maghrib website.

Furthermore, Morocco’s Ministry of Tourism actively promotes responsible travel practices and financial accessibility through campaigns encouraging tourists to use local currency, supporting the domestic economy. The government encourages the use of both cash and electronic payments, recognizing the importance of gradual digital payment adoption while respecting the current predominance of cash.

In line with Morocco’s tourism boom, Travelex’s data shows that demand for the Moroccan Dirham in key European markets is robust. The 67% rise in the UK is particularly notable, as British tourists continue to account for a significant share of visitors to Morocco. This trend aligns with the UK government’s travel advisories and economic reports emphasizing North Africa’s growing significance as a travel destination, highlighted on the UK Foreign, Commonwealth & Development Office (FCDO) platform.

Europe’s 33% rise in demand similarly points to increased outbound travel to Morocco, supported by improved flight connections and competitive pricing. The European Commission’s Tourism Strategy further encourages member states to support tourism flows to neighboring regions, which aligns with the observed growth in Dirham currency exchanges.

While global travel increasingly embraces digital payments, Morocco remains a predominantly cash-based economy. This is a critical consideration for travelers planning visits, as many small businesses and local services do not accept credit or debit cards. The Moroccan Central Bank has gradually promoted electronic payments, but cash remains essential for everyday transactions, particularly in rural areas and traditional markets.

Travel advisories from both the U.S. Department of State and European travel bodies recommend that visitors carry sufficient local currency to avoid inconvenience.

The surge in tourism not only boosts demand for the Dirham but also contributes significantly to Morocco’s broader economic development goals.

The Ministry of Tourism reports that the sector is a critical driver of employment and foreign exchange earnings, supporting local communities and infrastructure projects nationwide. Sustainable tourism initiatives ensure that growth is balanced with environmental and cultural preservation, with cash transactions helping small businesses and artisans thrive.

Given the continued reliance on cash, tourists are advised to plan currency exchanges carefully. Travelex and other foreign exchange providers recommend purchasing Dirham prior to travel or immediately upon arrival to avoid high fees or unavailability.

The increase in Dirham sales across the UK and Europe reflects travelers’ recognition of this need, further facilitated by the ease of access to foreign currency through established financial networks.

Looking ahead, Morocco’s position as a top travel destination is expected to strengthen further. With ongoing investments in infrastructure, flight connectivity, and tourism promotion, the country’s visitor numbers are projected to continue rising. This trajectory will likely sustain or increase demand for the Moroccan Dirham, especially as cash remains integral to the tourism experience.

Moreover, as digital payment systems expand, travelers can anticipate a gradual diversification of payment methods, though cash will likely remain dominant in the near term. This hybrid payment landscape will necessitate flexible financial solutions from travel money providers like Travelex, ensuring visitors can access both cash and card services conveniently.

The robust increase in Moroccan Dirham sales is a clear indicator of Morocco’s booming tourism industry and the enduring role of cash in its economy.

Supported by government policies, international interest, and evolving travel trends, Morocco is poised to maintain its status as a premier destination in Africa and beyond.

Travelers from the UK and Europe are actively responding to these opportunities by securing Dirham in greater volumes, ensuring smooth and enjoyable visits to this vibrant, cash-centric nation.