Morocco Holds Near $47 Billion in Reserves

Morocco's official reserve assets (foreign exchange) reached 469.8 billion dirhams (MMDH) at the end of the first four months of 2026, up 23.4% from the same period a year earlier, according to Minister of Budget Fouzi Lekjaa.

This level of reserves covers 5 months and 24 days of imports, with the kingdom nearing a level that covers six months of imports or needs.

The indicator is crucial as it reflects both export revenues and import needs, with the national economy continuing a positive trend seen in recent years.

However, the global economy is facing a difficult and exceptional context since March, marked by a series of geopolitical shocks, particularly in the Middle East, leading to increased uncertainty over economic and financial prospects, as well as increased disruptions to global supply chains, particularly in the energy sector.

Energy commodity prices have seen significant increases compared to pre-March levels.

The price of a barrel of oil has risen by 46% to an average of $102 during the first four months of the year, up from around $70 before the crisis, with a peak of $119.

Gasoline prices have increased by around 70% to an average of $1,218 per ton, up from $717 previously, while butane gas prices have risen by 33% to an average of $727 per ton, up from $547 previously.

Fuel prices, used in energy and electricity production, have seen a 58% increase to $593 per ton, up from $374 previously.

Natural gas prices have also increased by 53% to 49 euros per megawatt-hour, up from 32 euros previously.

Lekjaa emphasized that these data do not aim to justify or dramatize, but rather provide an objective reading of the conditions being faced, similar to other countries worldwide.

The International Monetary Fund (IMF) has revised its global growth forecast downward to 3.1% in April, anticipating a rise in global inflation to 4.4% from 3.8% initially, as well as a slowdown in global trade growth to 1.9% from 4.6% in 2025.

In contrast, the national economy continues to demonstrate resilience, supported by significant rainfall and estimated cereal production prospects of 90 million quintals (Mqx).

Each 20 Mqx increase contributes approximately 0.3% to the added value.

Furthermore, Lekjaa stated that the national economy is expected to record a growth rate above 5.3% in 2026, despite the constraints and IMF predictions.