Morocco projected to reach $55 billion in foreign exchange reserves by 2026

Morocco is projected to see its foreign exchange reserves reach approximately 55.65 billion dollars (502.8 billion dirhams) by the end of 2026, according to forecasts from Bank Al-Maghrib. By 2027, reserves are expected to rise further to over 57 billion dollars, covering five and a half months of imports.

Despite rising reserves, the country faces pressure on its external accounts. The current account deficit is projected to widen from 2.4% of GDP in 2025 to 4.6% in 2026, driven by higher costs for petroleum products and capital goods imports. The trade deficit also saw a significant increase in July 2026, rising 26.5% year-on-year as import growth outpaced exports.

In a separate economic assessment, the 2026 Africa Risk-Reward Index by Control Risks and Oxford Economics Africa presents a mixed outlook for Morocco. While the nation demonstrates strong macroeconomic fundamentals—including a projected 4.9% growth rate for 2025, low inflation of 0.8%, and a return to investment grade status—its overall score has slightly declined. This is due to a rise in perceived risk, even as its economic resilience remains a notable strength.