Source: Xinhua
Editor: yan
Morocco’s net foreign exchange reserves amounted to over 24.52 billion U.S. dollars until June 21, up 2.2 percent year on year, the central bank said in a report published on Tuesday.
During the same period, the local currency dirham depreciated by 1.2 percent against the euro and by 0.22 percent against the U.S. dollar, the report added.
According to the bank’s statistics, the reserves dropped by 1.2 percent in April.
In mid-January 2018, Morocco started the gradual floating 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.
