FX reserves within the West African Economic and Monetary Union (WAEMU) have seen a 43% reduction to USD 9.7 bln from their mid-2021 peak due to substantial current account deficits and diminished international capital inflows, as noted by Moody’s. This decline brought the Central Bank of West African States’s import coverage down to 3.4 months from 5.5 months in 2021. Despite this, a recovery is anticipated in 2024, bolstered by new hydrocarbon export revenues from Senegal and Niger. Additionally, the partial re-access to euro bond markets is expected to further boost FX reserves.