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3.3 percent jump in Moroccan forex reserves
(MENAFN) Morocco was revealed by its central bank to have recorded a 3.3 percent year-on-year surge in its foreign exchange reserves by November 8th to stand at USD25.41 billion.
On Tuesday, the central bank issued a periodical report unveiling that the dirham was appreciated by 0.45 percent against the U.S. dollar during the November 7-11 period.
Furthermore, according to the bank's report, the local currency was depreciated by 0.25 percent against the euro.
Morocco launched early last year a process to slowly float its currency through boosting the official band of the currency fluctuation, reaching 2.5 percent above or below the official rate.
On Tuesday, the central bank issued a periodical report unveiling that the dirham was appreciated by 0.45 percent against the U.S. dollar during the November 7-11 period.
Furthermore, according to the bank's report, the local currency was depreciated by 0.25 percent against the euro.
Morocco launched early last year a process to slowly float its currency through boosting the official band of the currency fluctuation, reaching 2.5 percent above or below the official rate.
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