In 2018, Morocco’s Forex Reserve Almost Diminished by 5 Percent

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U.S. dollar, euro and Swiss franc bank notes are seen in a bank in Budapest August 8, 2011.REUTERS/Bernadett Szabo
U. S. dollar, euro and Swiss franc bank notes are seen in a bank in Budapest August 8, 2011.REUTERS/Bernadett Szabo

Morocco’s net international reserves amounted to 24.2 trillion U. S. dollars by the end of 2018, with a year-on-year decrease of 4.9 percent, official statistics show on Saturday.

In mid-January, 2018, Morocco decided to adopt a more flexible exchange rate, 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 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 sti growth. Enditem

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