Fri, 01 Jul 2022

Morocco's forex reserves up to 37.05 bln USD

Xinhua
17 Jan 2022, 21:18 GMT+10

RABAT, Jan. 17 (Xinhua) -- Morocco's foreign exchange reserves rose to 37.05 billion U.S. dollars by Jan. 7, up by 6.8 percent on the yearly basis, the Moroccan central bank said in a periodical report published on Monday.

The yearly increase is mainly due to the remittances from Moroccan diaspora, which hit a record 11.2 billion dollars in 2021.

The North African country's foreign exchange reserves are enough to cover seven months of imports.

From Jan. 6 to Jan. 12, the central bank injected 8.1 billion dollars into the financial market, the report said.

The interbank rate has remained unchanged at 1.5 percent, it added.

The local currency dirham remained stable during the same period against the U.S. dollar, and depreciated by 0.36 percent against the euro, the report added.

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