Xinhuanet
Xinhua
Morocco’s net international reserves amounted to 22.58 billion U.S. dollars by the end of August, a year-on-year increase of 3.9 percent, Morocco’s Central Bank said Sunday.
Despite the increase, it remains fewer than the 24.51 billion dollars in mid-January, when the country decided to adopt a more flexible exchange rate.
According to the central bank, the Moroccan dirham appreciated 0.36 percent against the euro and depreciated 0.24 percent against the U.S. dollar during the first week of September.
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.
