BUSINESS Morocco's forex reserves up 2.2 pct till July

BUSINESS

Morocco's forex reserves up 2.2 pct till July

Xinhua

21:10, August 05, 2019

RABAT, Aug. 5 (Xinhua) -- Morocco's net foreign exchange reserves amounted to over 25.05 billion U.S. dollars until July 26, up 2.2 percent year on year, the central bank said in a report published on Monday.  

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Photo: VCG

During the same period, the local currency dirham depreciated by 0.01 percent against the euro and by 0.03 percent against the U.S. dollar, the report added.  

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.

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