Xinhuanet
Source: Xinhua
Morocco’s net international reserves amounted to 23.5 billion U.S. dollars by the end of November, a year-on-year decrease of 6.3 percent, Morocco’s Central Bank said Friday.
According to the bank’s statistics, the reserves dropped by 7.3 percent compared to the end of the 2017, thus covering five months of imports.
In mid-January, Morocco decided to adopt a more flexible exchange rate, raising 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 along its growth.
