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FinancialNews


  • 08-12-18

    Morocco down 6.3 percent in net int'l reserves

    (MENAFN) Morocco suffered an annual 6.3 percent decline in its net foreign reserves by November this year, reaching USD23.5 billion.

    The decline was significant since Morocco's reserves by last year's end registered a 7.3 percent decrease, the Moroccan Central bank showed in its data.

    The figures were recorded after Morocco reached a resolution in January to take in an easier flexible exchange rate, entailing a hike on the fluctuation of the official band of dirham to hit 2.5 percent compared to 0.3.

    The decision is considered in plan with a wider strategy aimed at floating the currency, helping developing the economy to face external issues and encourage growth.

    MENAFN0812201800450000ID1097802612

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