Source: Xinhua
Editor: yan
Morocco’s foreign exchange reserves increased to 25.89 billion U.S. dollars by Dec. 13, with an increase of 7.1 percent year-on-year, Morocco’s central bank said Saturday in its periodical report.
From Dec. 12 to 18, the central bank injected 6.5 billion U.S dollars in the financial market, it said adding that in the same period, the local currency dirham appreciated by 0.36 percent against the U.S dollar and depreciated by 0.11 percent against the euro.
In 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.
