Join on WhatsApp
Join on Telegram
Rabat – The Moroccan central bank, Bank Al-Maghrib (BAM), has announced that Morocco’s official reserve assets increased by 10% in the past month, reaching MAD 322.3 billion ($39.79 billion) on November 26.
During the week of November 25 and December 1, BAM injected MAD 845 billion ($91.70 billion) into the Moroccan market, the bank said in a note last week.
With regards to the interbank rate, it remained at 1.5%.
The interbank rate remained stable at 1.5% while the Moroccan dirham appreciated by 0.38 % against the US dollar and depreciated by 0.68% against the Euro, said the note.
One main take-away from BAM’s data is that the Moroccan economy has shown remarkable resilience in the face of the COVID crisis.
A key factor in Morocco’s continued resilience has been the increase in remittances from Moroccans living abroad despite the global health crisis and its socio-economic fallout.
Funds transferred by members of the Moroccan diaspora reached nearly $8.6 billion in October this year, according to the latest statistics from the Moroccan Exchange Office.
The number represents an increase of 43% from 2020, when remittances amounted to $60 billion between January and October.
Foreign investments in Morocco have also notably increased in recent months. According to the exchange office, foreign investments reached $16.7 billion in October this year, down from $114.5 billion during the same period last year.
