Fouzi Lekjaa: Morocco’s foreign exchange reserves reach 469.8 billion dirhams by the end of April 2026.

Morocco’s Foreign Exchange Reserves Rise Significantly

On Tuesday, the Minister Delegate for Budget, Fouzi Lekjaa, informed the Chamber of Councillors that Morocco’s foreign exchange reserves reached 469.8 billion dirhams by the end of April 2026, marking an impressive 23.4% increase compared to the same period in 2025.

Covering Nearly Six Months of Imports

While addressing questions regarding the implementation of the 2026 finance law, Lekjaa specified that these reserves equate to 5 months and 24 days’ worth of imports. He noted that Morocco is nearing a level that would allow it to cover approximately six months of imports—an indicator widely regarded as a testament to the robustness of the country’s external balance.

A Resilient Economy Amid International Tensions

Fouzi Lekjaa emphasized that this performance reflects the dynamic nature of the national economy, particularly through the evolution of exports and the management of imports. He further highlighted that the global economy has been facing an exceptionally challenging situation since March, characterized by geopolitical tensions—especially in the Middle East—and disruptions in supply chains, particularly in the energy sector.

Sharp Rise in Energy Prices

The minister detailed significant increases in energy commodity prices: oil surged by 46%, averaging $102 per barrel, while diesel experienced a nearly 70% rise. Furthermore, butane gas saw a 33% increase, fuel oil rose by 58%, and natural gas prices climbed by 53%, all amidst pronounced volatility in global energy markets.

Global Inflation and Trade Slowdown

According to data from the International Monetary Fund (IMF), global growth forecasts have been revised downward to 3.1%, while global inflation is expected to rise to 4.4%, with international trade growth slowing to 1.9%.

Continued Economic Momentum in Morocco

Despite these challenging conditions, the minister asserted that the Moroccan economy continues to maintain its positive momentum, bolstered primarily by favorable agricultural prospects, with cereal production projected at 90 million quintals. He clarified that every additional 20 million quintals contributes 0.3% to GDP growth and anticipates a growth rate exceeding 5.3% for the year 2026.