Xinhua
Morocco’s net foreign exchange reserves amounted to 31.1 billion U.S. dollars by June 12, up 21.7 percent year on year, the central bank said in a report published Monday.
From June 11 to 17, the central bank injected 10.5 billion dollars in the financial market, while the local currency dirham appreciated by 0.79 percent against the euro and depreciated by 0.36 percent against the U.S. dollar, according to the report.
On April 7, Morocco drew on a World Bank Precautionary and Liquidity Line for a amount equivalent to 3 billion dollars, in order to maintain the foreign exchange reserves at an adequate level and help deal with economic problems caused by COVID-19.
According to the central bank’s periodical report last week, the North African country’s economy is expected to contract by 5.2 percent in 2020, which will be the worst economic performance since 1996.
Government debt will soar to 75.3 percent of GDP in 2020 from 65 percent in 2019 because of the huge financial needs of the public treasury, the report noted.
