Morocco’s net international reserves have entered a decline since the beginning of 2020.
Rabat – Morocco’s Bank Al-Maghrib injected MAD 66.3 billion ($6.8 billion) from February 13 to 19, marking a 6.9% increase in the country’s net international reserves compared to the same period in 2019. The net international reserves currently stand at MAD 242.2 billion ($24.9 billion).
International reserves are external assets that are readily available to, and controlled by, a country’s monetary authorities. According to the International Monetary Fund (IMF), they consist of foreign currencies, other assets denominated in foreign currencies, gold reserves, special drawing rights (SDRs) and IMF reserve positions.
According to a press release from Bank Al-Maghrib, the interbank rate has reached 2.25%.
The source also reported that the Moroccan dirham appreciated by 0.53% against the Euro and depreciated by 0.58% against the US dollar.
Morocco’s net international reserves had been generally increasing in 2019 but began to decline after peaking at the beginning of 2020.
From January 2 to 8, Morocco’s net international reserves stood at MAD 245.5 billion ($25.3 billion). At the end of January, however, they declined to MAD 243.9 billion ($25.1 billion) and have now dropped even further.
Despite the decline from January, the figures suggest an overall improvement in Morocco’s fiscal and monetary outlook compared to the same period last year.