Foreign Exchange Reserves: Over 469.8 Billion Dirhams at End-April 2026

The official reserve assets level covers 5 months and 24 days of imports, highlighting that the Kingdom is not far from reaching a level covering six months of imports or needs.

The official reserve assets (ORA) of Morocco 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, said Minister Delegate in Charge of the Budget, Fouzi Lekjaa, on Tuesday at the Chamber of Counselors.

In response to oral questions on the execution of the finance law for the 2026 exercise, Mr.

Lekjaa clarified that this level of ORA covers 5 months and 24 days of imports, highlighting that the Kingdom 'is not far from reaching a level covering six months of imports or needs'.

This indicator, he continued, 'has all its importance', as it reflects both export revenues and import needs, stating that the national economy 'continues the positive dynamics recorded in recent years'.

In this context, the minister noted that the global economy has been experiencing a 'difficult and exceptional' context since early March, marked by a succession of geopolitical shocks, particularly in the Middle East, leading to an intensification of uncertainties related to economic and financial prospects, as well as increased disruptions to global supply chains, particularly in the energy sector.

He pointed out that energy commodity prices have seen significant increases compared to their pre-March levels.

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

The price of gasoil has, for its part, increased by around 70%, averaging $1,218 per ton, compared to $717 previously, while that of butane gas has risen by 33%, reaching an average of $727 compared to $547 previously.

Similarly, the price of fuel, used in energy and electricity production, has seen a 58% increase to $593 per ton, compared to $374 before the crisis.

The price of natural gas has also increased by 53% to 49 euros/MWh, compared to 32 euros previously.

Mr.

Lekjaa emphasized that these data 'do not aim to justify or dramatize', but to provide 'an objective reading of the conditions we are going through, like other countries in the world'.

Furthermore, he indicated that the International Monetary Fund (IMF) revised downward, in April, its global growth forecast from 3.3% to 3.1%, while anticipating a rise in global inflation to 4.4% compared to 3.8% initially, as well as a slowdown in global trade growth to 1.9%, compared to 4.6% in 2025.

On the other hand, the minister noted that the national economy continues to demonstrate resilience, supported by significant rainfall and cereal production prospects estimated at 90 million quintals (Mqx).

He clarified that each increase of 20 Mqx contributes to a value added of around 0.3%.

In addition, Mr.

Lekjaa indicated that the national economy should record a growth rate above 5.3% in 2026, 'despite the constraints and forecasts issued by the IMF'.

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Source link: https://www. lavieeco. com/au-royaume/reserves-de-change-plus-de-4698-mmdh-a-fin-avril-2026/