From mid-June 2018 to mid-June 2019, the Moroccan dirham appreciated against the Dollar and depreciated against the Euro.
Rabat – Morocco’s central bank, Bank Al Maghrib, has announced that the country’s net reserves assets stood at MAD 287.9 billion ($29.7 billion) as of June 19.
The data represents a slight change from June 12, when the country’s official reserve assets amounted to MAD 289 billion ($30 billion).
The figure represents an increase of 22.1% compared to the same period last year, the bank said in a note on June 27.
Between the second and third weeks of June, the bank injected MAD 103.3 billion ($10.65 billion).
The interbank rate reached 1.5% as of June 19. It had reached 1.99% as of June 12.
As of June 12, the Moroccan Dirham appreciated by 0.40% against the dollar compared to the previous year. Meanwhile, the dirham depreciated by 0.14% against the Euro.
However, factoring in the second and third weeks of June, the Moroccan Dirham appreciated by 0.79% against the Euro and depreciated against the Dollar by 0.36% compared to the same period in 2019.
The COVID-19 crisis directly affected the country’s economy due to the suspension of trade activities and key industries.
The country gradually allowed the relaunch of activities and the reopening of industrial units despite the emergence of new hotspots.
Since June 25, the country has allowed transport vehicles to hit the country’s road with 50% capacity as a preventive measure. It also allowed the reopening of domestic tourism in most of the provinces witnessing gradual lockdown lifting as well as domestic flights to boost the country’s economy after months of stagnation.
Morocco extended the state of emergency until July 10, with lockdown relaxation measures.