Source: Xinhua
Morocco’s net foreign exchange reserves reached over 24.25 billion U.S. dollars by the end of May, up 1.6 percent year on year, the central bank said Monday.
During the same period, the local currency dirham depreciated by 0.21 percent against the euro and by 0.35 percent against the U.S. dollar, the central bank added in its monthly report.
According to the report, the reserves dropped 1.2 percent in April.
In mid-January 2018, Morocco started the gradual floatation of its currency by 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 U.S. dollar.
