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    Morocco's forex reserves up 10.7 pct in June

    08 Jul 2018

    Morocco's net international reserves amounted to 22.76 billion U.S. dollars by the end of June, a year-on-year increase of 10.7 percent, Morocco's Central Bank said Saturday.

    Despite the increase, the figures remain less than the ones in mid January of 24.51 billion dollars, when the country decided to adopt a more flexible exchange rate.

    The weekly statistics of the central bank showed that Moroccan dirham appreciated by 0.2 percent against the euro and by 0.32 percent against the U.S. dollar during the week between June 28 and July 4.

    Such performance reflected that the dirham fluctuates within a very narrow band despite Morocco's move to raise the official band of dirham's fluctuation to 2.5 percent above or below the official rate from the previous 0.3 percent.

    The dirham is pegged to a two-currency basket weighted 60 percent to the euro and 40 percent to the dollar.

    The authorities said widening the dirham trading band is part of a broader plan to float the currency and make the economy more resilient against external shocks and help boost growth.

    xinhuanet

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