Morocco’s Interbank rate stagnated at 1.5% during the week of February 18-24.
Rabat – Morocco’s central bank, Bank Al-Maghrib, has announced that the Moroccan Dirham (MAD) during the week of February 18-24 appreciated by 0.45% against the US Dollar and depreciated by 0.32% against the Euro.
Morocco’s official reserve assets totaled MAD 308.2 billion up to February 19, 2021, recording a drop of 1.5% compared to the previous week. Meanwhile, the country’s year-over-year growth rate has witnessed an increase of 24.5%.
Morocco injected a total of MAD 72.2 billion during the week of February 18-24.
During the same period, the country’s interbank rate stagnated at 1.5%, according to Bank Al-Maghrib.
Morocco’s economic sector has been severely impacted by the months-long COVID-19 crisis. The tourism sector stands out as the sector that was most devastated by the pandemic.
The head of Morocco’s central bank warned in early November 2020 of the country’s slow economic recovery which will not start before 2023.
Since Morocco launched its vaccination campaign on January 28, however, the country’s post-COVID-19 prospects have markedly improved.
The government, which says it targets at least 80% of the Moroccan population to reach herd immunity by the end of the year, has said that the vaccination campaign is running smoothly and in “excellent conditions.”
In the past week, meanwhile, new infection cases have decreased while recoveries have markedly spiked. With such encouraging COVID-19 figures, Morocco’s recovery is projected to happen sooner than expected.