Fez – Morocco’s central bank, Bank Al-Maghrib (BAM), has announced that the country’s official reserve assets increased by 10% in the past month, reaching MAD 322.4 billion ($34.8 billion) on December 3.
During the week of December 2-8, BAM injected MAD 85 billion ($9.17 billion) into the Moroccan market, the bank said in a note last week.
With regards to the interbank rate, it remained stable at 1.5%. The Moroccan dirham appreciated by 0.34 % against the Euro while it remained stable with 0.38 % against the US dollar.
Morocco’s central bank data shows that the country’s economy has improved and shown remarkable resilience despite the global pandemic.
Another main indication from BAM’s figures is that remittances from Moroccans living abroad have played a major role in the level of resilience shown by the Moroccan economy.
With transfer and investment money estimated at nearly $8.6 billion in the past year by October, the increase in remittances from Moroccans living abroad was a crucial factor in Morocco’s economic resilience despite the global health crisis and its socio-economic fallout.
Foreign investments in Morocco have also notably increased in recent months. According to the country’s exchange office, foreign investments reached $16.7 billion in October this year, down from $114.5 billion during the same period last year.
With Morocco having shown resilience in the face of the COVID-19 economic recession, the International Monetary Fund (IMF) forecasts a boost in the country’s economy this year.
Morocco’s GDP is expected to increase by 5.7% this year, bolstering the country’s economy in the post-COVID recovery.
