Casablanca, Morocco (ADV) – Morocco’s net international reserves amounted to 23.5 billion U.S. dollars by the end of November, a year-on-year decrease of 6.3 percent, Morocco’s Central Bank said Friday.
In mid-January, Morocco decided to adopt a more flexible exchange rate, raising the official band of dirham’s fluctuation to 2.5 percent above or below the official rate from the previous 0.3 percent.
The dirham is pegged to a two-currency basket weighted 60 percent to the euro and 40 percent to the dollar.
The authorities said widening the dirham trading band is part of a broader plan to float the currency and make the economy more resilient against external shocks and help along its growth.
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