Mon, 17 May 2021

Morocco's forex reserves up to 35.3 bln USD

20 Apr 2021, 02:55 GMT+10

RABAT, April 19 (Xinhua) -- Morocco's foreign exchange reserves elevated to 35.3 billion U.S. dollars by April 9, up by 3 percent on yearly basis, Moroccan central bank said in a periodical report published on Monday.

From April 8 to 14, the central bank injected 8 billion dollars in the financial market, while the local currency dirham appreciated by 0.58 percent against the U.S. dollar and remained stable against euro, according to the report.

The foreign exchange reserves are equivalent of eight months of imports, compared with five months during the same period in 2019.

The Moroccan economy contracted by 7.1 percent in 2020 amid COVID-19 pandemic, the worst performance since 1996, according to official reports.

The agricultural sector shrank by 7.3 percent and non-agricultural sectors by 5.5 percent, while the household consumption fell by 3.2 percent in 2020.

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