Thursday, 02 December 2021 06:41 GMT

Morocco sees 4.9 percent drop in foreign exchange reserves in March

(MENAFN) The Moroccan Central Bank reported foreign exchange reserves of the country to have undergone a 4.9 percent year-on-year reduction as it settled at USD23.1 billion in March.

The shrinking has proceeded to go on as the Moroccan currency begun steadily floating, the central bank explained in its weekly statement.

The Moroccan dirham has seen a 0.23 percent boost against euro, as it recorded a 0.59 percent drop against US dollar from 2017.

Morocco has also settled to increase the official band of dirham's fluctuation to 2.5 percent above or below the official rate from the past 0.3 percent.


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