Morocco’s Foreign Exchange Reserves Surge 290% Since 2002, Hitting 320 Billion Dirhams in 2020

This emerges from the report on the assessment of government action, which specifies that the national foreign exchange reserves have seen an improvement over the 2002-2020 period, rising from 105 billion dirhams in 2002 to 320.3 billion dirhams in 2020, an increase of around 290%.

The document also highlights the national economic performance, which is reflected in the evolution of the Kingdom’s foreign trade, noting that the development of industrialization has resulted in an increase in imports, particularly of industrial equipment and energy. However, the impact of this increase has been mitigated by the development of a competitive export offer oriented towards global value chains.

Furthermore, the report revealed that the increase in "travel income" and remittances from Moroccans Residing Abroad and the improvement in the ratio of exports to imports have led to a significant improvement in the current account of the balance of payments, which ended up at -2% in 2020. The latter had indeed deteriorated sharply since 2007, reaching its peak at around -9.5% of gross domestic product (GDP) in 2012 due to the increase in oil prices.