ZCZC
BCN-21
MOROCCO-FOREIGN-RESERVE-FOREX
Morocco’s forex reserves down 0.7 pct in May
RABAT, June 10, 2018 (BSS/Xinhua) – Morocco’s foreign exchange reserves
stood at 22.92 billion U.S. dollars by the end of May, registering a 0.7-
percent decrease year on year, Morocco’s central bank said on Saturday.
The figure also posed a 5-percent drop from that in mid January when the
country decided to adopt a more flexible exchange rate. In mid January,
foreign reserves hit 24.51 billion dollars.
The weekly statistics of the central bank showed that Moroccan dirham
appreciated by 0.68 percent against the dollar and depreciated by 0.41
percent against the euro during the week of May 31-June 6.
Such performance reflected that the dirham fluctuates within a very narrow
trading 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.
BSS/XINHUA/HR/1050