Morocco : significant rise in the country’s foreign currency reserves

Abdellatif Jouahri, Morocco’s Central Bank governor. ©, Photo : RR

Casablanca (ADV) – The dirham is pegged to a two-currency basket weighted 60 percent to the euro and 40 percent to the dollar.

Morocco’s net international reserves amounted to 22.59 billion U.S. dollars by the end of July, a year-on-year increase of 10.9 percent, Morocco’s Central Bank said Saturday.

The weekly statistics of the central bank showed that Moroccan dirham slightly appreciated by 0.06 percent against the euro and remained stable against the U.S. dollar during the week between July 26 and August 1.

The International Monetary Fund and cost-estimating website have listed Morocco among the countries that hold the largest stashes of foreign currency in the world. Morocco’s foreign reserves are estimated at USD 24.7 billion.

Foreign exchange reserves are the foreign currencies that a country’s central bank holds. They also indicate the economic health of a country.

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