Morocco turns the economic table: Historic supremacy in foreign currency reserves

A fundamental shift in the monetary reserve map between Rabat and Algiers

The Maghreb economic landscape is witnessing a remarkable transformation, as financial indicators show Morocco has surpassed Algeria in terms of the volume of foreign currency reserves, a first since 2013. This development reflects the depth of the divergence in economic paths taken by the two countries over the last decade.

From vast gaps to a historic intersection

About thirteen years ago, comparisons between the two countries revealed fundamental differences; in 2013, Algeria recorded cash reserves of $194 billion, benefiting from the oil boom of that time, while Morocco’s reserves were around $19 billion. Over the years, this gap began to shrink due to structural changes in both countries.

Rentier model versus diversification strategy

Economic analysts attribute the decline in Algeria’s reserves primarily to its economy’s almost total reliance on hydrocarbon revenues, a model that proved vulnerable to price drops and global market fluctuations. Forecasts indicate that Algerian reserves could fall to about $49.7 billion by 2026, representing a 75 percent contraction from their historic peak.

In contrast, the Kingdom of Morocco has pursued an approach based on accumulating and diversifying revenues across strategic sectors, including tourism, the phosphate industry, and export industries, in addition to the role of remittances from Moroccans residing abroad and attracting foreign investment. Thanks to this approach, Morocco was able to steadily increase its reserves to reach $53.6 billion by September 2026, according to current data.

Economic lessons from two opposing paths

Experts conclude that this result is not just about numbers, but the embodiment of the principle of economic resilience. While models dependent on a single source of income faced significant challenges during market fluctuations, the gradual diversification strategies adopted by Morocco have proven their ability to withstand pressures and achieve long-term financial stability.