Morocco’s International Reserves Climb to MAD 239.7 Billion

Rabat – Morocco’s Bank Al-Maghrib injected MAD 71.9 billion this past week, marking a 7.3% increase in the Kingdom’s net international reserves in the week of November 28 to December 4, 2019, compared to the same period in 2018.

International reserves are external assets that are readily available to, and controlled by, a country’s monetary authorities. According to the International Monetary Fund, they comprise foreign currencies, other assets denominated in foreign currencies, gold reserves, special drawing rights (SDRs) and IMF reserve positions.

Additionally, the interbank rate has reached 2.26%, according to a press release by the central bank.

Bank Al-Maghrib reported that the Moroccan dirham appreciated by 0.26% against the US dollar and depreciated by 0.33% against the Euro.

Source: https://www.moroccoworldnews.com/

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Written by Adebola

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