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Join on Telegram Rabat – Morocco’s Bank Al-Maghrib injected MAD 68.5 billion from January 2 to 8, marking a 6.9% increase in the kingdom’s net international reserves compared to the same period in 2019. The country’s net international reserves currently stand at MAD 245.5 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, 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 0.41% against the Euro and depreciated by 0.21% against the US dollar.
This is a significant change from late 2019, when the Moroccan dirham depreciated by 0.33% against the Euro and appreciated by 0.26% against the US dollar during the week of November 28 to December 4.
From December 12 to 18, the Moroccan dirham depreciated by 0.11% against the Euro and appreciated by 0.36% against the US dollar.
Despite this difference, Morocco’s net international reserves have been steadily increasing, reaching MAD 239.7 billion in late November 2019 and MAD 242.5 billion during the second week of December 2019.
The figures suggest an improvement in Morocco’s fiscal and monetary outlook compared to the same period last year.
Read also: DGSN and Bank Al-Maghrib Warn Moroccans of Fraud at ATMs
