Morocco’s foreign exchange reserves reached a record $48.6 billion in 2025, placing the kingdom fifth among African countries, according to a report by the African Export-Import Bank (Afreximbank).
The reserves jumped 30.8% in one year, Morocco’s strongest annual increase since 2021, strengthening its buffer against external shocks and improving its capacity to finance imports.
Morocco ranked ahead of Nigeria, whose reserves stood at about $46 billion, despite not being a major oil exporter.
The four countries ahead were Libya, with $87.9 billion, South Africa with $75.9 billion, Algeria with $52 billion and Egypt with $51.4 billion.
Africa’s combined foreign exchange reserves increased by 9.8% to $515.2 billion in 2025, from $469.2 billion in 2024. Morocco therefore accounted for nearly 9.4% of the continent’s total reserves, a substantial share for a non-oil exporter.
The increase marks a sharp reversal from the decline recorded earlier in the decade.
