Rabat- The International Monetary Fund and cost-estimating website HowMuch.net have listed Morocco among the countries that hold the largest stashes of foreign currency in the world. Morocco’s foreign reserves are estimated at USD 24.7 billion.
Foreign exchange reserves are the foreign currencies that a country’s central bank holds. They also indicate the economic “health” of a country, according to HowMuch.net:
“They provide policymakers with a tool to control inflation, ensure the continual flow of imported goods into the country, and generally provide a sense of security in uncertain economic climates.”
Albeit not in the top 10 countries with largest foreign currency reserves, Morocco’s reserves are worth USD 24.7 billion, compared to Hungary’s USD 28 billion, Bulgaria’s USD 25 billion, and Egypt’s 20.1 billion in reserves.
The top 10 countries with the biggest foreign currency reserves include:
China leads with USD 3.162 billion of foreign currencies, followed by Japan’s (USD 1.205 billion); Switzerland; (USD 785.7 billion); Saudi Arabia (USD 486.6 billion); Hong Kong (USD 437.5 billion); India (USD 397.2 billion); South Korea (USD 385.3 billion); Brazil (USD 358.3 billion); Russia (USD 356.5 billion); and Singapore (USD 279.8 billion).
The survey excluded countries with less than USD 5 billion in reserves from the world economy data.
Continents with the highest reserves:
Asia is the leading continent in terms of largest foreign currency reserves owing to China, Japan and Saudi Arabia’s large oil exports, in addition to other natural resources such as gas, iron ore, gold, and copper.
According to the Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia ranks as the largest petroleum exporter as it possesses around 18 percent of the world’s petroleum reserves.
saudi Arabia’s oil and gas sector totals 50 percent of gross domestic product, and 70 percent of export earnings.
Europe ranks second thanks to Switzerland’s foreign reserves, meanwhile North and South America are comparably smaller.
Meanwhile, only four African countries made it onto the map of countries with the largest reserves: Morocco, Egypt, South Africa, and Mauritius.