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FinancialNews
05-05-19
Morocco hits USD24b in net forex reserve
(MENAFN) Morocco recorded a 1.2 percent decline in its net foreign exchange reserves for April 2019 on an annual basis, standing at more than USD24 billion.
Reserves in Morocco registered a 2.1 percent decrease on a monthly basis and shrunk 0.7 percent compared to late 2018, the central bank revealed.
It comes after Morocco began implementing last year a process to see slow currency floating to increase the official band of dirham's fluctuation to hit 2.5 percent above or below the official rate.
Authorities, meanwhile, were asked by the International Monetary Fund (IMF) to move to the following stage amid concerns over floating dirham.
MENAFN0505201900450000ID1098477746
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